Tonik, the first digital-only neobank in the Philippines, successfully raised $21 million in Series A funding led by Sequoia India and Point72 Ventures to launch its operations targeting the unbanked population.

Information on the Target

Tonik Financial Pte Ltd, commonly referred to as tonik, is the first digital-only neobank in the Philippines. Recently, it successfully closed a $21 million Series A funding round, heralded as a significant milestone in the Southeast Asian fintech landscape. With a bank license granted by the Philippines' banking regulator, tonik stands out as one of the few neobanks globally operating under its own license, a feat that enhances its credibility and operational framework.

Founded in 2018, tonik is directed by Greg Krasnov, a seasoned entrepreneur with an extensive track record in consumer finance, particularly in the Asian market. The platform is designed to provide a wide range of banking services, including deposits, loans, and card products, all delivered through a secure and user-friendly digital interface. Tonik aims to address the needs of the underserved population in the Philippines, where an estimated 70% remains unbanked.

Industry Overview in the Target’s Specific Country

The banking sector in the Philippines is undergoing a significant transformation, especially in the digital space. With a retail savings market estimated at $140 billion and a $100 billion potential in unsecured consumer lending, th