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.
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