Tonik, the first digital-only bank in Southeast Asia, has closed its first institutional round of funding.
Pure-play digital bank Tonik has closed a $6 million round of equity funding, which was led by regional venture capital firms Insignia and Credence Partners, and saw «significant participation» by regional family offices and angel investors, the Singapore-based firm announced in a statement on Tuesday.
The money raised will be used to fund the launch of its digital bank in the Philippines, where it received a banking license in January, the statement said.
Philippines Opportunity
Tonik was founded in 2018 by entrepreneur Greg Krasnov, who previously co-founded fintech startups in Asia, including CredoLab, AsiaCollect, AsiaKredit, and SolarHome.
The firm said it hopes to crack the $140 billion retail deposit market and a $100 billion unsecured consumer lending market in the country through its digital-only platform, which is expected to launch in Q3 2020.
«We look forward to working with our new investors to improve financial inclusion in the country,» said CEO Krasnov about the raise.
