Tonik gets $131-M fresh equity for PH expansion

Digital bank operator Tonik Financial Pte Ltd. has raised $131 million from a new equity funding round led by Japanese banking giant Mizuho Bank.

The “neobank” or “challenger” financial institution will use the new money to accelerate the growth of its business in the Philippines, where it was the very first digital banking licensee.

Other significant new investors in the “series B” equity funding round included Prosus Ventures (formerly Naspers Ventures), the cofounder of DST Partners Rahul Mehta, as well as a Singapore investment fund Sixteenth Street Capital and Indonesian family office Nuri Group.

The digital bank’s previous venture capital investors—Sequoia India, Point72 Ventures, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark and Kraft—also participated in this funding round.

Series B financing is the funding round for a company past the startup stage which has met certain milestones and is preparing to scale up market position.

Launched in March 2021, Tonik has set new bank growth records in the Philippines by reaching $20M and $100M in consumer deposits within the first and eight months of operation, respectively, thus achieving the status of one of the fastest growing neobanks globally.

It is now rolling out a broad range of innovative all-digital consumer lending products.