TONIK Financial scores $6m in funding round

Southeast Asian digital bank TONIK Financial has netted $6m in its funding round which was led by Insignia Ventures Partners and Credence Partners.

Additional contributions came from regional family offices and angel investors.

The capital injection will be used to launch the bank in the Philippines by the third quarter of 2020. TONIK recently received a banking license from the Philippines’ regulator. The FinTech claims it will be the first digital bank in Southeast Asia.

TONIK provides consumers with a mobile banking app which can handle payments, savings and borrowing.

TONIK founder and CEO Greg Krasnov said, “We are honoured to have secured the backing of such prominent regional investors as Insignia and Credence.

“Over 70% of the adult population in the Philippines remains unbanked, and market research indicates that over 50% of existing bank clients would be keen to switch their deposits to a pure-play digital contender. We look forward to working with our new investors to improve financial inclusion in the country.”

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