Philippines’ digital bank Tonik announced that it has surpassed PHP 5 billion (US$100 million) in consumer deposits 8 months after its launch of commercial operations.
Tonik had previously secured PHP 1 billion (US$20 million) in consumer deposits within a month of going live last March.
The digital bank had recently launched its first lending product called “Quick Loan” to serve the unbanked and underbanked Filipino middle class with a quick and affordable bank loan proposition in under 15 minutes.
Tonik had obtained one of the six digital banking licenses that were given out by the Bangko Sentral ng Pilipinas (BSP) in June this year.
The bank is supervised by the BSP and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).
With US$44 million raised to-date, Tonik has built a unique cloud-based solution is powered by Mastercard, Amazon Web Services, and Finastra.
“We are very grateful that we’re now a closer to reaching this goal with the overwhelming support that we are receiving from our customers.
To make this holiday season sweeter, and further accelerate on customer acquisition, we are launching welcome bonus and referral programs that will enable our customers to earn upon joining or by inviting their friends to start a neobanking romance with us.”
said Greg Krasnov, CEO and Founder of Tonik.
