Tonik secures USD 100M in Consumer Deposits within 8 months of launch

Eight months since it launched in the Philippines, Tonik Digital Bank surpassed USD 100M (PHP 5B) in consumer deposits.

Tonik also mentioned its prior achievement of another first in the banking history in the country by securing PHP 1B (USD 20M) in consumer deposits within a month of going live last March.

 

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To recall, the neo bank also recently launched its first lending product called Quick Loan, offering a quick application of under 15 minutes with minimal documents required.

“We built Tonik to accelerate financial inclusion to more Filipinos, who deserve to have the fully-digital ease and convenience in their banking experience,” shares Greg Krasnov, Tonik CEO and Founder. “We are very grateful that we’re now a closer to reaching this goal with the overwhelming support that we are receiving from our customers. To make this holiday season sweeter, and further accelerate on customer acquisition, we are launching welcome bonus and referral programs that will enable our customers to earn upon joining or by inviting their friends to start a neobanking romance with us.”

Tonik is supervised by the BSP, and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). With USD 44M raised to date, Tonik is among the best-funded fintechs in Southeast Asia.

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Source: Yugatech