Digital bank Tonik raises $6 million in institutional funding round

With participation from regional family offices and angel investors, Tonik’s funding round led by VC investors Insignia Ventures Partners and Credence Partners.


Ismawati Asmat

25 Feb, 2020

Digital bank Tonik raises $6 million in institutional funding round | BEAMSTART News

- From our Sponsors -

The Southeast Asia-focused digital bank plans to use the new funds to launch its digital bank in the Philippines and target the start of commercial operations in the third quarter of 2020.

Tonik received approval from the Philippine central bank last January, allowing it to provide digital banking services in the country.

Based in Singapore, Tonik provides retail financial products, including savings deposits, loans, current accounts, payments, and cards on a secure digital banking platform.

According to Tonik, the Philippines represents a US$140 billion retail deposit market, and a US$100 billion unsecured consumer lending opportunity.

“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,” said Greg Krasnov, founder and CEO at Tonik.

- From our Sponsors -

Latest Jobs

Full Stack Engineer

Nira Energy

United States

Full Time

USD 70000 — USD 150000 yearly

Senior Full Stack Software Engineer

Warmly,

Denver, CO, United States

Full Time

USD 140000 — USD 160000 yearly

Head of Biology

PostEra

Boston, United States

Full Time

USD 200000 — USD 300000 yearly

Senior Full Stack Developer

MazumaGo

Victoria, Canada, United States

Full Time

USD 120 — USD 200 yearly

Operations Specialist

Phoenix

Toronto, Canada, United States

Full Time

Salary Undisclosed

Sr. Enterprise Partnership Manager (Customer Success)

Paragon One

New York, United States

Full Time

Salary Undisclosed

Government (the IRS) Relations Associate

doola

New York, United States

Full Time

Salary Undisclosed

Sales Intern

Dinesafe

New York, United States

Internship

Salary Undisclosed

Senior Financial Analyst

Quartzy

Hayward, CA, United States

Full Time

Salary Undisclosed

Senior Algorithmic Design and Optimization Engineer

JITX

Berkeley, CA, United States

Full Time

Salary Undisclosed

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).