The funding round was led by VC companies Sequoia India, Point72 Ventures, Insignia, and Credence.
Its banking licence in the Philippines, secured in January 2020, would enable the startup to provide retail banking services, focused primarily on retail deposits and consumer loans. Tonik's offerings included deposits, loans, current accounts, payments, and cards.
Online consumers in the Philippines have an average age of 24 and led the world in terms of daily internet and social media usage. With more than 70% of the country's adult population unbanked, more than half of existing bank customers are keen to migrate their deposits to a pure-play digital player, according to a research led by Tonik Financial.
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