Tonik Financial Pte Ltd, parent company to the Philippines’ Tonik Digital Bank, has announced the successful closure of US$131M raised in a Series B equity funding round led by Mizuho Bank. Other investors involved were Prosus Ventures, Singapore investment fund Sixteenth Street Capital, with continuous participation from previous VC investors Sequoia India, Point72 Ventures, Insignia, iGlobe, and many others.
"We are very excited to partner with Mizuho, one of the Top 10 banking groups in the Asia-Pacific region,” said Greg Krasnov, Founder & CEO of Tonik in a press statement. “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."
Since its launch in March 2021, Tonik has set unprecedented records in its home country, achieving the status of one of the fastest growing neobanks globally. The company is now looking to broaden its range of innovative all-digital consumer lending products. Tonik will use the Series B funding to accelerate the growth of its digital bank in the Philippines.