The Philippines-Based Neobank Tonik Secures $17 Million in Pre-Series B Funding Round Led By iGlobal Partners
Tonik, a neobanking group based in the Philippines, announced on Tuesday it secured $17 million through its Pre-Series B investment round, which was led by iGlobal Partners with participation from Sequoia India, Altara Ventures, and Insignia Venture Partners, Citius, Baring Vostok Private Equity, and multiple Philippine family offices. The company has notably raised more than $44 million to date.
Founded in 2018, Tonik claims to be the first neobank in the Philippines. It provides retail financial products, which include deposits, loans, current accounts, payments, and cards.
“Innovation is woven into the DNA of our company. We put customers first. We challenge the status quo. We are relentless. We are passionate about improving people’s financial lives through the use of technology.”