Breaking news, luv! Tonik Financial, the parent company of Tonik Digital Bank, has just raised a $12M Pre-Series C. 

• Tonik Digital Bank is a licensed digital-only bank that primarily targets Filipinos with no bank accounts.

Investor check. Diligent Capital Partners led the round, while Plio Limited, Altara Capital, and the Tonik management team also participated.

💟 About Tonik

Tonik is supported by AI-powered credit scoring and automated servicing. Besides loans, they also offer time deposits and a virtual debit card.

• Tonik has reportedly expanded their loan portfolio by 15x to $83M, with annualized revenue reaching over $40M. 

🪪 What’s with the $$$? 

They’ll use the funds to strengthen the bank’s regulatory capital position to ensure that they are compliant with requirements from the Philippines’ central bank (BSP).

• They’ll also use the $$$ to develop their technology platform to improve customer acquisition and automation. 

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