Tonik Aims to Roll Out BNPL and Crypto Products in the Next Yearby Fintech News Philippines March 23, 2022
Philippines’ neobank Tonik marks its first year of operations in the country after securing a digital bank license from the Bangko Sentral ng Pilipinas (BSP) in June last year.
Since its public launch, Tonik recorded PHP 1 billion (US$ 20 million) in retail deposits in just over a month of operations.
Eight months later, the neobank managed to secure over PHP 5 billion (US$ 100 million) in deposits.
Over the past year, Tonik has rolled out deposit, payment, and card products as well as its first cash loan product.
Tonik has also raised US$131 million in a Series B equity funding round led by Japan’s Mizuho Bank in February this year.
In the next year, Tonik is looking to expand its lending portfolio by venturing into buy now, pay later and home loans for up to PHP 2.5 million (US$ 50,000).
Furthermore, the neobank revealed that cryptocurrency will soon be integrated into its app to provide more opportunities for Filipinos to save using digital assets.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).
Its cloud-based solution is powered by Mastercard, Amazon Web Services, and Finastra.
“2021 has been a challenge for all of us, and we saw how the health crisis increased the demand for digital banking and cashless services. We are happy to have been able to provide efficient neobanking services to Filipinos as we all navigated through the pandemic.
The Philippines is one of the biggest markets in demand of crypto and lending services in the world, and we are laser focused on making these available soon in our app.”
said Greg Krasnov, Founder and CEO of Tonik.