Philippines’ digital bank Tonik announced that it closed a US$131 million Series B equity funding round led by Japan’s Mizuho Bank which has been active in the country since 1981.
Other significant new investors in the round included Prosus Ventures who was formerly known as Naspers Ventures, the co-founder of DST Partners Rahul Mehta, as well as a Singapore investment fund Sixteenth Street Capital and Indonesian family office Nuri Group.
Existing investors include Sequoia India, Point72 Ventures, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark, and Kraft.
Tonik said that it will use the Series B funding to accelerate the growth of its digital bank in the Philippines.
Launched in March 2021, Tonik reached US$20 million and US$100 million of consumer deposits within the first and eight months of operation respectively.
It is now focused on rolling out a broad range of innovative all-digital consumer lending products focused on the financial inclusion clients, as well as expanding the value proposition of its Tonik account offering.
Greg Krasnov, Founder & CEO of Tonik said,
“We are very excited to partner with Mizuho, one of the top 10 banking groups in the Asia-Pacific region.
The partnership with Mizuho will provide Tonik with enhanced access to the international wholesale funding markets and world-class managerial talent, as well as serve as a fantastic platform for our future international expansion.”
