Tonik is the first neobank in the Philippines, launched in 2021 as a fully digital bank licensed by the Bangko Sentral ng Pilipinas (BSP), offering deposits, payments, debit cards, and loans to drive financial inclusion in Southeast Asia where over 70% of the population is unbanked or underbanked.[3][4][5] It serves underserved consumers through a mobile app, solving access barriers with seamless, AI-powered services like instant onboarding, cash-in/out via partners (e.g., 7-Eleven), and over one million cumulative loans disbursed, with a loan portfolio expanded sevenfold in two years and operational costs cut fivefold.[2][3][5] Led by CEO Greg Krasnov with 460 employees, Tonik demonstrates strong growth momentum, including PHP 3.5 billion in deposits by August 2021 and AI efficiencies boosting customer care productivity over fourfold.[1][2][4]
Tonik was founded in 2020 by serial entrepreneur Greg Krasnov amid the COVID-19 pandemic, which spiked demand for digital financial services in the Philippines where 70% of Filipinos were unbanked.[3][4] Krasnov secured a rural bank license from the BSP in December 2019, piloted the proprietary mobile app in Q4 2020, and formally launched in March 2021—achieving PHP 1 billion in deposits within a month, a record for a new bank.[4] Early traction included USD 17 million in Pre-Series B funding (totaling over USD 44 million), an official digital bank license in June 2021, and PHP 3.5 billion in customer deposits by August 2021, marking it as Southeast Asia's first private neobank.[4] Its Singapore-based holding company, Tonik Financial Pte Ltd, supports this expansion.[4]
Tonik stands out in digital banking through:
Tonik rides the neobanking and financial inclusion wave in Southeast Asia, capitalizing on post-COVID digital adoption and regulatory shifts like BSP's digital bank licenses to serve the 70% unbanked.[2][3][4] Timing aligns with rising smartphone penetration and AI advancements, enabling rapid scaling in a market where traditional banks lag in accessibility.[2][5] Favorable forces include cloud-native tech (e.g., Finastra, Google Cloud) and partnerships for hybrid digital-physical services, positioning Tonik as a benchmark for AI-powered banking.[2][3][5][6] It influences the ecosystem by proving neobanks can achieve full licensing and massive growth, inspiring regional fintechs and accelerating unbanked onboarding.[3][4]
Tonik's trajectory points to accelerated expansion across Southeast Asia, leveraging AI for credit models, loan processing, and personalized finance to capture more of the unbanked market.[2][6] Trends like generative AI integration and regulatory support for digital banks will fuel its growth, potentially multiplying loan volumes and user base amid economic recovery.[2][3] Its influence may evolve from Philippine pioneer to regional leader, setting standards for efficient, inclusive neobanking—reinforcing its role as a transformative force in digital finance.[2][3]
TONIK has raised $157.0M in total across 3 funding rounds.
TONIK's investors include 2xN, Alaya Capital, DST Global, Goodwater Capital, Fabio Muniz, Jonathan Axelrod, Insignia Ventures Partners, Lytical Ventures, Point72 Ventures.
TONIK has raised $157.0M across 3 funding rounds. Most recently, it raised $130.0M Series B in January 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jan 1, 2022 | $130.0M Series B | 2xN, Alaya Capital, DST Global, Goodwater Capital, Fabio Muniz | |
| Jun 1, 2020 | $21.0M Series A | Jonathan Axelrod, Insignia Ventures Partners, Lytical Ventures, Point72 Ventures | |
| Feb 1, 2020 | $6.0M Venture Round | Insignia Ventures Partners |
