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Mizuho leads $131 million round in Filipino neobank Tonik

Philippines-based digital neobank Tonik has closed a $131 million Series B equity round led by Japan's Mizuho Bank and set its sights on expansion across Asia.

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Mizuho leads $131 million round in Filipino neobank Tonik

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Launched in March 2021, Tonik has set new bank growth records in the Philippines by reaching $100M of consumer deposits within the first eight months of its inception.

The neobank is targeting a $140 billion retail deposit market, and a $100 billion unsecured consumer lending opportunity in a market where over 70% of the population remains unbabnked.

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: "The partnership with Mizuho will provide Tonik with enhanced access to the international wholesale funding markets and world-class managerial talent, as well as serve as a fantastic platform for our future international expansion."

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