Tonik, the country’s first digital-only neobank, has made waves in the banking industry the past year through its game-changing offerings. It’s known for its industry-leading deposit rates of up to 6% per annum, as well as its other products such as Stashes, nameless and highly secure physical debit cards, and its first cash loan product, Quick Loan.
Now, as it enters its second year, Tonik assures customers of more transformative innovations backed up by their latest Series B funding of $131M led by Mizuho Bank.
In the next 12 months, the neobank is eyeing to expand its lending portfolio through venturing into buy now, pay later and home loans for up to P2.5 million ($50,000).
Further, Tonik said that cryptocurrency will soon be integrated in their proprietary app to provide more opportunities for Filipinos to save using digital assets.
“Armed with our unwavering dedication to accelerate financial inclusion in the country, Tonik assures that more accessible, simplified and customer-centric banking products will be available to more Filipinos in many more years to come,” said Tonik Founder and CEO Greg Krasnov.
“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.”
Tonik is supervised by the Bangko Sentral ng Pilipinas and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.