Tonik raises USD 131 mln

Wednesday 9 February 2022 11:12 CET | News

Tonik Financial has raised USD 131 million in Series B funding led by Mizuho Bank and new investors including Prosus Ventures, Sixteenth Street Capital, and Indonesian family office Nuri Group.

The fintech, which operates Tonik Digital Bank in the Philippines, also had existing investors such as Sequoia India, Point71 Ventures, insignia, iGlobe, and AlphaJWC join the funding round.

The funding will be used to accelerate the growth of Tonik Digital Bank in the Philippines.

The digital bank has hit USD 20 million of customer deposits in the first month and USD 100 million in the eighth month of operations. According to Tonik's estimates, the Philippines has a USD 140 billion retail savings market and a USD 100 billion unsecured consumer lending market, of which the digital bank is looking to take a slice of.

In 2021, Tonik has launched the Quick Loan product on its platform. It marked its entry into the consumer lending market in the Philippines. Tonik's solution is designed to serve the unbanked and underbanked Filipino middle class with a bank credit proposition.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: digital banking, banks, funding, fintech, financial services
Categories: Banking & Fintech
Companies: Mizuho, Nuri Group, Prosus, Sixteenth Street Capital, Tonik
Countries: Philippines
This article is part of category

Banking & Fintech



Nuri Group




Sixteenth Street Capital



Discover all the Company news on Mizuho and other articles related to Mizuho in The Paypers News, Reports, and insights on the payments and fintech industry: