Tonik, the Philippines’ first digital-only neobank, continues to blaze a trail in the local banking industry by surpassing P5B (US$100M) in consumer deposits. The development comes within only 8 months of the neobank’s launch of commercial operations and comes on the heels of Tonik’s prior achievement of another first in the banking history in the Philippines by securing P1B (US$20M) in consumer deposits within a month of going live last March.
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,” shares Greg Krasnov, Tonik CEO and Founder. “We are very grateful that we’re 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” – a game-changing all-digital loan product designed to serve the vast 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 BSP, and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). With US$44M raised to date, Tonik is among the best funded fintechs in Southeast Asia. Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.
Learn more about this story and other updates from Tonik via https://tonikbank.com.