MANILA, Philippines, June 6, 2023 /PRNewswire/ — Tonik, the Philippines’ pioneering all-digital bank, is proud to announce that it has surpassed a significant milestone by onboarding over one million clients since its inception. This achievement illustrates the bank’s successful contribution to improving financial inclusion in the country, while highlighting the emerging trend of digital banking in the region.
“We are thrilled to celebrate this momentous milestone, as it stands as a testament to the robust customer-centric model that Tonik has to offer,” said Greg Krasnov, CEO and Founder of Tonik. “Achieving one million onboarded clients in such a short span is a validation of the growing trust and confidence of the Filipino community in our digital banking services.”
Since its launch, Tonik has been committed to reshaping the traditional banking landscape by leveraging cutting-edge technology and a customer-focused approach to democratize financial services. The bank has successfully provided individuals and families, particularly those previously underserved by traditional banking institutions, with accessible, secure, and user-friendly digital banking services.
In a country where nearly half of the adult population remains unbanked, Tonik’s growth signals a shift towards more inclusive banking practices. The digital platform’s seamless onboarding process, wide range of financial products, and innovative services have played a significant role in driving this change.
“Financial inclusion has always been at the heart of our mission,” Krasnov said. “We are proud to be part of the solution in bridging the gap for those who previously had limited access to banking services. Through Tonik, we are enabling more Filipinos to manage, save, and grow their money in a manner that is most convenient for them.”
Tonik continues to innovate and enhance its digital offerings to better serve the diverse needs of the Philippine market. The bank is committed to its mission of bringing banking closer to Filipinos, in a modern and convenient way, creating a more inclusive and financially empowered society.
Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank operates based on the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP).
Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik’s tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.
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SOURCE Tonik Digital Bank, Inc.