Pure-play digital bank Tonik, set to be rolled out in the third quarter of this year in the Philippines, has closed its series A funding round with $21 million raised.
The round was led by investors Sequoia India and Point72 Ventures, with significant participation from previous investors Insignia and Credence, the firm announced in a press release earlier this week.
«Covid-19 is causing consumers all over the globe to save more for emergencies, to care more about the safety of their money as well as about earning a fair interest rate on their deposits while having access to their funds for easy withdrawal and transfer,» CEO and founder Greg Krasnov said in the announcement.
Krasnov said there has been a «rapid jump» in consumer demand for digital banking and digital transfers since the start of the year in the Philippines.
Unbanked Opportunity
The digital-only bank, which received a banking license from the Philippines central bank in January, will provide a full range of retail banking services, focused primarily on retail deposits and consumer loans, through its digital-only platform.
The bank previously said it is «on a mission to revolutionize the way money works in Southeast Asia,» estimating that it is addressing an untapped market of $140 billion for retail deposits, and a $100 billion unsecured consumer lending opportunity in the Philippines, where 70 percent of the population is unbanked.
