Tonik Digital Bank has surpassed USD 100 million (PHP 5 billion) in consumer deposits in just eight months since its launch in the Philippines.
Tonik also mentioned the bank’s previous achievement of securing PHP 1 billion (USD $20 million) in consumer deposits within a month of going live last March, which was another first in the country’s banking history.
To recall, the neo bank also recently launched its first lending product, the Quick Loan, which allows customers to apply for a loan in under 15 minutes and with only a few documents.
Tonik’s CEO and Founder, Greg Krasnov, says, “We built Tonik to accelerate financial inclusion for more Filipinos, who deserve to have the fully-digital ease and convenience in their banking experience.” “With the overwhelming support that we are receiving from our customers, we are now a step closer to achieving this goal.” To sweeten the deal this holiday season and speed up customer acquisition even more, we’re launching welcome bonus and referral programs that will allow our customers to earn when they join or refer their friends to start a neobanking romance with us.”
The BSP regulates Tonik, and the Philippine Deposit Insurance Corporation insures its deposits (PDIC). Tonik is one of Southeast Asia’s best-funded fintechs, having raised USD 44 million to date.