Digital banking startup Tonik has raised $6 million in funding as it prepares for a Q3 launch in the Philippines.
Seeded and built by fintech venture builder Forum, Tonik secured its banking licence earlier this month.
The neobank, which intends to launch in the coming months with an initial focus on retail deposits and consumer loans, says the Philippines represents a US$140 billion retail deposit market, and a US$100 billion unsecured consumer lending opportunity.
The startup has already engaged with Finastra to implement its cloud-based core banking proposition, Fusion Essence, and with Nice Actimize for the deployment of AML technology.
The $6 million funding round was led by regional VC investors Insignia Ventures Partners and Credence Partners, with a significant participation from regional family offices and angel investors.
Greg Krasnov, founder & CEO of Tonik, says: “Over 70% of the adult population in the Philippines remains unbanked, and market research indicates that over 50% of existing bank clients would be keen to switch their deposits to a pure-play digital contender. We look forward to working with our new investors to improve financial inclusion in the country.”