“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?”
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.
Tonik discloses Tonik Digital Bank, Inc. (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Tonik does not disclose a bank charter of its own; its banking services are provided through Tonik Digital Bank, Inc. (in-house).
Tonik processes payments through Xendit (cash-in), DragonPay (OTC top-up via Xendit), CIS Bayad Center (bills payment), QRPH (self-operated rail integration), InstaPay and PESONet.
Tonik's cards are issued through Tonik Digital Bank, Inc. (self_issued).
Tonik's lending and capital products are provided by Tonik Digital Bank, Inc. (in-house).
The Embedded Finance Index 2026 maps 4 layers in Tonik's stack: Payments / PSP (Xendit (cash-in), DragonPay (OTC top-up via Xendit), CIS Bayad Center (bills payment), QRPH (self-operated rail integration) and 2 others); Banking / BaaS (Tonik Digital Bank, Inc. (in-house)); Card issuing (Tonik Digital Bank, Inc. (self_issued)); Lending (Tonik Digital Bank, Inc. (in-house), Shop Installment Loan (BNPL up to ₱100,000), Cash Loan, Big Loan (SME) and 2 others).
Tonik was founded by Greg Krasnov and is founded in 2020, headquartered in Pasig City, Philippines.
Tonik has raised ~$175M+ in total (latest round: Pre-Series C, December 2025).
Get a read on where your own stack stands against Tonik and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.