Tonik Celebrates First year in Philippines

Tonik, the Philippines' first digital-only neobank, marks its first year of operations in the country. With its industry-leading deposit rates of up to 6% per annum and unique product offerings.

Through its breakthrough app, Tonik was able to present Filipinos with a game-changing approach to manage their finances. Tonik has been progressively rising in popularity since its public premiere. It was the first and one of the few neobanks in the country to obtain its own license from the Bangko Sentral ng Pilipinas (BSP), securing over PHP 1 billion (USD 20 million) in retail deposits in less than a month of operations. After eight months, the neobank secured over PHP 5 billion (USD 100 million) in deposits — a record for a new bank in the Philippines.

“2021 has been a challenge for all of us, and we saw how the health crisis increased the demand for digital banking and cashless services. We are happy to have been able to provide efficient neobanking services to Filipinos as we all navigated through the pandemic. Your trust and support helped us achieve our feats along the way and how we got to where we are now,” says Tonik Founder and CEO Greg Krasnov.

Tonik has made waves in the banking industry over the last year with game-changing deposit, payment, and card products such as Time Deposits with rates up to 6% p.a., Stashes, nameless and highly secure physical debit cards, and Quick Loan, Tonik's first cash loan product. As the #neobanking legend enters its second year, it assures customers of more transformative innovations, backed by their recent Series B funding of USD 131 million led by Mizuho Bank, one of the largest banking groups in the Asia Pacific Region – the largest Series B round in the Philippines' history.

In the next 12 months, Tonik is eyeing to expand its lending portfolio through venturing into buy now, pay later and home loans for up to PHP 2.5M (USD 50,000). Further, the neobank reveals that cryptocurrency will soon be integrated in their proprietary app to provide more opportunities for Filipinos to save using digital assets.

Learn more via https://tonikbank.com/. 

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