Tonik, the first neobank in the Philippines, has raised US$17 million in Pre-Series B funding to accelerate customer acquisition and expand its financial product offerings.

Target Information

Tonik is recognized as the first neobank in the Philippines, which operates solely in the digital banking space. Established to revolutionize banking in the region, Tonik specializes in offering a wide range of financial services that include deposit accounts, payment solutions, and card products, all delivered through a highly secure digital platform. With a bank license granted by the Bangko Sentral ng Pilipinas, Tonik is positioned as a leading player in the Philippine fintech sector, backed by industry veterans with extensive experience in retail banking.

The neobank recorded a milestone achievement shortly after its public launch in March 2021, garnering over 1 billion pesos (approximately US$20 million) in retail deposits within just one month, marking a historic record for new banks in the country.

Industry Overview in the Philippines

The fintech industry in the Philippines has shown remarkable growth in recent years, bolstered by increasing smartphone penetration and the government's push for digital finance. With a significant portion of the population underserved by