Tonik raises US$131M Series B led by Mizuho Bank
Tonik Financial Pte Ltd (“Tonik”), the parent company of Tonik Digital Bank in the Philippines, announced today that it closed a US$131M round of Series B equity funding. The round was led by Mizuho Bank, which is one of the largest Japanese banking groups and a Top 10 bank by assets in Asia Pacific region, active in the Philippines since 1981. Other significant new investors in the round included Prosus Ventures (formerly Naspers Ventures), the co-founder of DST Partners Rahul Mehta, as well as a Singapore investment fund Sixteenth Street Capital and Indonesian family office Nuri Group.
\The round also featured strong repeat participation from previous VC investors Sequoia India, Point72 Ventures, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark, and Kraft. Tonik will use the Series B funding to accelerate the growth of its digital bank in the Philippines.