Tonik Financial Pte Ltd (“Tonik”), the parent company of Tonik Digital Bank in the Philippines, has closed a US$131 million Series B equity fundraising deal.
Mizuho Bank, one of the largest Japanese banking groups and a Top 10 bank by assets in the Asia Pacific area, lead the round. Mizuho Bank has been involved in the Philippines since 1981.
Prosus Ventures (previously Naspers Ventures), DST Partners co-founder Rahul Mehta, a Singapore investment fund Sixteenth Street Capital, and Indonesian family office Nuri Group were among the other notable new investors in the round.
Sequoia India, Point72 Ventures, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark, and Kraft were among the prior VC investors who returned to the round. Tonik intends to use the Series B funds to expand its digital bank in the Philippines.
Tonik, which opened in March 2021, has broken new bank growth records in the Philippines, with consumer deposits totalling US$20 million and US$100 million.
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