Tonik Financial raises $12 million to bolster digital bank’s capital position

TONIK FINANCIAL Pte Ltd, the controlling shareholder of Tonik Digital Bank, Inc., has raised $12 million in fresh financing to boost its capital and fund the bank’s continued expansion.

Tonik Financial raised $12 million in Pre-Series C financing in a round led by Diligent Capital Partners and with participation from Plio Limited, existing shareholder Altara Capital, and Tonik management.

“The funding strengthens the regulatory capital position of Tonik Digital Bank under Bangko Sentral ng Pilipinas requirements and supports continued investment in Tonik’s technology platform to accelerate customer acquisition, cross-sell, and automation,” it said in a statement on Thursday.

Tonik Digital Bank is one of the six online banks licensed by the BSP to operate in the country. It began its commercial operations in 2021.

Singapore-based Tonik Financial holds a 60% stake in the digital bank, while Oak Drive Ventures, Inc. and Camerton, Inc. have shareholdings of 20% apiece.

“This round is about scaling with discipline — protecting our capital ratios while growing a profitable, credit-led model,” said Greg Krasnov, founder and chief executive officer of Tonik. “Tonik was built to prove that financial inclusion in emerging markets can be delivered with truly world-class returns. The momentum we’re seeing in risk performance, technology leverage, and channel scale shows that the model works — and is ready for another 10x in the next 2-3 years.”

“While our fund’s primary focus is on Ukraine and the Black Sea basin, we also back mission-driven Ukrainian founders building globally,” said Dan Pasko, partner at Diligent Capital Partners. “Our team supported Greg more than a decade ago in one of his prior builds, and many other high-performing Ukrainian leaders are now helping drive Tonik. That continuity gives us deep confidence in execution. Tonik’s unit-economics rigor and technology stack position it to become one of Southeast Asia’s most valuable digital banks over time.”

Data on the BSP’s website showed that Tonik Digital Bank held assets worth P7.905 billion at end-June 2025, while its liabilities were at P6.785 billion. Total stockholders’ equity stood at P1.12 billion.

Meanwhile, its common equity Tier 1 ratio was at 18.75%, while its capital adequacy ratio stood at 19.07%, down from 23.51% and 23.95%, respectively, at end-2024.

The digital bank booked a net loss of P1.126 billion in 2024, wider than the P744.92-million loss in 2023, mainly due to higher expenses, its annual report showed.

“While the bank continues to report net losses at the consolidated level, these are primarily driven by ongoing strategic investments in platform development, talent, and customer acquisition. Key performance metrics such as loan yields, contribution margins, and delinquency rates continue to improve quarter on quarter,” it said.

Its loans grew by 110% to P2.5 billion at end-2024, while deposits stood at P5.8 billion. It also ended the year with over one million registered users, with active accounts up 42% year on year.

Tonik Digital Bank said in its annual report that it wants to grow its loan portfolio to over P5 billion this year and achieve breakeven contribution margin across all its major lending products by reducing credit costs.

“Tonik continues to invest in AI (artificial intelligence)-driven underwriting, customer lifecycle automation, and responsible credit expansion — all geared toward achieving sustainable profitability by 2026,” it said.

“With a clear roadmap to profitability, a strong regulatory foundation, and a loyal customer base, Tonik remains focused on delivering inclusive, technology-driven financial services in the Philippines.” — BVR