Tonik Monetary Pte. Ltd. (“tonik”) introduced at this time that it closed a $21 million spherical Sequence A fairness funding.
The spherical was led by blue-chip VC buyers Sequoia Insignia and Credence.
Tonik will use the funding to launch its digital financial institution in the Philippines, focusing on the beginning of business operations in Q3 2020.
Tonik was recently granted its own bank license by the banking regulator in the Philippines. Tonik provides deposit, loan, payment, and card productions to consumers on a digital banking platform. Founded in 2018, Tonik also has a support and research and development functions based in Singapore and India.
According to Tonik’s estimates, the Philippines represents a US$140 billion retail savings market, and a US$100 billion unsecured consumer lending opportunity.
Greg Krasnov, Founder and Chief Executive of Tonik, said: “Covid-19 is causing consumers all over the globe to save more for emergencies, to care more about the safety of their money, as well as about earning a fair interest rate on their deposits while having access to their funds for easy withdrawal and transfer.
“In the Philippines, where over 70 percent of the population remains unbanked, we are observing a rapid jump in consumer demand for digital banking and digital transfers since the start of the year,” he added.
Pete Casella, Head of Fintech Investments at Point72 Ventures, said: “We believe deeply in Tonik’s vision for a digital bank that is underpinned by the customer protections inherent in being a government-approved bank, and also the flexibility of being a completely digital startup.”