Neobank Tonik has surpassed the P5 billion ($100 million) in consumer deposits after only eight months since its launch.
Tonik’s deposit achievement was supported by unique, accessible, flexible, and inclusive products, including industry-leading deposit interest rates of up to 6% per annum for time deposits, and unique saving features such as its Solo Stash and Group Stash products that can earn up to 4% and 4.5% per annum, respectively.
“We built Tonik to accelerate financial inclusion to more Filipinos, who deserve to have the fully digital ease and convenience in their banking experience,” said Greg Krasnov, CEO and founder, Tonik. “We are very grateful that we are now closer to reaching this goal with the overwhelming support that we are receiving from our customers. To make this holiday season sweeter, and further accelerate customer acquisition, we are launching welcome bonus and referral programs that will enable our customers to earn upon joining or by inviting their friends to start a neobanking ‘romance’ with us.”
Tonik also recently launched its first lending product called “Quick Loan,” an all-digital loan product designed to serve the unbanked and underbanked Filipino middle class with a quick and affordable bank loan proposition in under 15 minutes.
Tonik holds the first private bank digital bank license in the country, is supervised by the Bangko Sentral ng Pilipinas, and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). With $44 million raised to date, Tonik is among the best-funded fintech in Southeast Asia. Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.