The Singapore-headquartered fintech has raised new funds that will be used to accelerate its growth, as well as to invest in product development.
Tonik has raised $17 million in a pre-series B funding round, bringing its total fundraising to $44 million, the fintech announced on Tuesday.
The launch of its long-awaited deposit, payment, and card products to consumers in the Philippines in March 2021 received an «overwhelmingly postive» reception, Tonik said. Since then, the digital bank has accumulated 1 billion pesos ($20 million) in retail deposits.
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«Over the next 12 months, we plan to significantly broaden our stack of first-in-the-market digital financial products for our clients, especially strengthening our offer on payments and rolling out consumer loans,» Greg Krasnov, Tonik CEO and founder, said in the announcement.
The fundraising round was led by Singapore's iGlobe Partners, with participation from existing shareholders Sequoia India, Altara Ventures, and Insignia Venture Partners, and new investors Citius, Baring Vostok Capital Partners, and multiple Philippine family offices.
