Philippines-based digital banking startup tonik has raised $21 million in a Series A funding round led by Sequoia India and Point72 Ventures.
Existing investors Insignia and Credence joined the round for tonik, which plans to launch in the third quarter.
Having secured its banking licence earlier this year, the neobank will initially focus on retail deposits and consumer loans, targeting a $140 billion retail deposit market, and a $100 billion unsecured consumer lending opportunity.
The firm is the brainchild of Greg Krasnov, who had previously incubated four fintech start-ups in the consumer finance space in Asia.
It 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.
Says Krasnov: "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.
"In the Philippines, where over 70% of the population remains unbanked, we are observing a rapid jump in consumer demand for digital banking and digital transfers since the start of the year."