Tonik
“Can a BSP-licensed digital bank dominate Philippine consumer lending by replacing cash-and-installment retail finance with a fully digital, AI-underwritten credit product?”
Founded2020
HQPasig City, Philippines
FoundersGreg Krasnov
Total raised~$175M+
Latest roundPre-Series C, December 2025
IndustryFintech / Neobank
The story
Founded in 2020 and launched in 2021 as the Philippines' first digital-only bank, Tonik initially focused on deposits and savings to capture the unbanked retail opportunity. From 2023-2024 it pivoted toward a credit-led model — Shop Installment Loans, Cash Loans, and SME Big Loans — explicitly repositioning as 'the Philippines' credit-led digital bank.' By 2025-2026 the model paid off: 1M+ loans disbursed, AI credit decisioning rolled out, and the bank became the first standalone digital bank in the Philippines to reach profitability.
Last 12 months
Product timeline
2020
Founded by Greg Krasnov; secured first digital bank license from BSP in the Philippines.· banking
2021
Launched as Southeast Asia's first neobank with deposits, savings, and debit cards.· banking
2022
Raised $131M Series B led by Mizuho Bank.· banking
2024
Entered SME lending with expanded Big Loan offering; partnered with Xendit for cash-in payments.· lending
2025
Surpassed 1M loans; rolled out Shop Installment Loans nationwide; launched zero-fee QRPH payments; implemented PhilSys ID API verification.· lending
2025
Transitioned to AI-based credit decisioning; raised $12M Pre-Series C.· lending
2026
Became first standalone digital bank in the Philippines to achieve profitability.· banking
Regulated entities
Digital Bank License
Philippines (BSP) · 2021
Tonik Digital Bank, Inc.
The stack
Payments / PSP
Xendit (cash-in)DragonPay (OTC top-up via Xendit)CIS Bayad Center (bills payment)QRPH (self-operated rail integration)InstaPayPESONetMastercard (card rails)
Banking / BaaS
Card issuing
Lending
Accounting gap: minor