{"id":47692,"date":"2022-02-11T12:45:46","date_gmt":"2022-02-11T04:45:46","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=47692"},"modified":"2022-02-11T12:45:49","modified_gmt":"2022-02-11T04:45:49","slug":"tonik-raises-131m-series-b-led-by-mizuho-bank","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2022\/02\/11\/tonik-raises-131m-series-b-led-by-mizuho-bank\/","title":{"rendered":"Tonik raises $131M Series B led by Mizuho Bank"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Tonik Financial Pte Ltd (\u201cTonik\u201d), the parent company of Tonik Digital Bank in the Philippines, announced that it closed a US$131M round of Series B equity funding. The round was led by Mizuho Bank, which is one of the largest Japanese banking groups and a Top 10 bank by assets in Asia Pacific region, active in the Philippines since 1981. Other significant new investors in the round included Prosus Ventures (formerly Naspers Ventures), the co-founder of DST Partners Rahul Mehta, as well as a Singapore investment fund Sixteenth Street Capital and Indonesian family office Nuri Group. \u00a0<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The round also featured strong repeat participation from previous VC investors Sequoia India, Point72 Ventures, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark, and Kraft.&nbsp; Tonik will use the Series B funding to accelerate the growth of its digital bank in the Philippines. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Launched in March 2021, Tonik has set new bank growth records in the Philippines by reaching US$20M and US$100M of consumer deposits within the first and eighth months of operation respectively, thus achieving the status of one of the fastest growing neobanks globally.&nbsp; It is now focused on rolling out a broad range of innovative all-digital consumer lending products focused on the financial inclusion clients, as well as expanding the value proposition of its Tonik Account offering.&nbsp; Tonik operates on the basis of the first private digital bank license granted by the banking regulator in the Philippines. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the company\u2019s estimates, Philippines represents a US$140 billion retail savings market, and a US$100 billion unsecured consumer lending opportunity.&nbsp; Tonik is led by Founder &amp; CEO Greg Krasnov, who had previously co-founded multiple other successful fintech companies in Asia, as well as founded and built a leading consumer finance bank in Emerging Europe.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Greg Krasnov, Founder &amp; CEO of Tonik, said: \u201cWe are very excited to partner with Mizuho, one of the Top 10 banking groups in the Asia-Pacific region.&nbsp; 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.&nbsp; All of this will help solidify our market leadership position in driving financial inclusion in Southeast Asia.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Daisuke Horiuchi, Managing Executive Officer at Mizuho&#8217;s Retail Business Company, said: \u201cTonik\u2019s unique track record so far validates the existence of massive demand for digital banking services in the Philippines, where over 70% of the population remains unbanked.\u00a0 As the first mover and market leader, Tonik is well-positioned to grow into one of the largest banks in the Philippines, as well as enter other Southeast Asian markets.\u00a0 We are keen to support Tonik\u2019s world-class management in their vision to increase financial inclusion in the region.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the first mover and market leader, Tonik is well-positioned to grow into one of the largest banks in the Philippines, as well as enter other Southeast Asian markets.\u00a0<\/p>\n","protected":false},"author":6,"featured_media":47693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[96,2727,1656,7201],"class_list":["post-47692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-technology","tag-technology-adaption","tag-technology-investment","tag-tonik"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/47692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=47692"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/47692\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/47693"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=47692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=47692"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=47692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}