The parent firm of Tonik Digital Bank has raised $131 million in fresh capital from new investors, including Japanese banking giant Mizuho, to further expand its operations in the Philippines.
Other investors were 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.
The Series B equity funding round also featured strong repeat participation from previous VC investors Sequoia India, Point72 Ventures, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark, and Kraft.
Tonik founder and CEO Greg Krasnov said the partnership with Mizuho provides the country’s first digital only neobank with enhanced access to the international wholesale funding markets and world-class managerial talent, as well as serve as a fantastic platform for future international expansion.
“All of this will help solidify our market leadership position in driving financial inclusion in Southeast Asia,” Krasnov said.
Since its launch in the Philippines in March last year, Tonik has set new growth records with consumer deposits reaching $100 million in the first eight months of operations.