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.
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."