Tonik Digital Bank Market Research Report

Company Overview

• Name: Tonik Digital Bank Inc.

• Mission: To revolutionize the way money works in Southeast Asia and address significant retail deposit and unsecured retail lending opportunities in the Philippines.

• Founded: No information available on the exact founding date or founders.

• Key People:

• Greg Krasnov (Founder and Group CEO)

• Tomasz Borowski (Chief Operating Officer)

• Mila Bedrenets (Chief Growth Hacker)

• Cesar Virtusio (Independent Director)

• Headquarters:

• Singapore: 175A Bencoolen Street, Burlington Square #05-01, Singapore 189650

• Manila, Philippines: Unit 605B, 6/F West Wing, The Offices at Estancia, 1605 Meralco Ave, Pasig City

• Chennai, India: DLF IT Park, 1/124 Block 10, 6th Floor, DLF IT SEZ, Mount Poonamalee Road, Nandambakkam Post, Manapakkam, Chennai 600 089, India

• Number of Employees: No specific number provided.

• Revenue: The Annualized Revenue Run Rate (ARR) at the end of Q2 2024 was USD 19 million.

• Known For: Being the first digital-only neobank in the Philippines and obtaining a digital bank license from the Bangko Sentral ng Pilipinas.

Products

Retail Banking Products

• Tonik Account: Online bank account with a competitive interest rate, accessible via the Tonik App.

• Solo Stash: Offers a 4% annual interest rate designed to encourage savings.

• Group Stash: Provides a savings option for groups aimed at collective financial goals.

• Time Deposit: Offers up to 6% interest annually for fixed-term deposits.

• Credit Builder: A system within the Tonik account to help customers build their credit score through regular transactions.

Lending Products

• Shop Installment Loans: Quick approval loans for in-store purchases available through partnerships with retailers like Home Along.

• Salary Loans: Personal loans available to salaried individuals.

• Cash Loans: Short-term loans for consumers to manage immediate expenses.

Other Financial Products

• Debit Cards: Linked to the Tonik account for cashless transactions.

• Insurance (Payhinga): A credit life and disability insurance product introduced in partnership with Sun Life Grepa, covering loan amounts up to 120%.

Recent Developments

• June 2023: Reached a milestone of 1 million customers.

• August 2023: Expanded Shop Installment Loan in partnership with Home Along and FC Home Center.

• October 2023: Launched insurance products in collaboration with Sun Life Grepa.

• July 2024: Announced substantial growth in loan portfolio and revenue for the first half of 2024. The Appointments of new Independent Director, Cesar Virtusio in March 2024.

• May 2024: Integrated Generative AI via ChatGPT for enhanced customer service.

• Feb 2024: Partnered with Xendit to expand payment options for users.

Recent Awards and Recognitions

• Recognized for Best Customer Service Digital Bank in the Philippines in 2023.

• Achieved virtual recognition among Top 10 CX for digital banks globally in the first half of 2024.

Partnerships and Strategic Alliances

• Collaborations with industry-leading tech firms like Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon to integrate and enhance its technical platform.

• Strategic partnerships with financial entities like Xendit and Home Along to improve product accessibility and payment solutions.

Conclusion

Tonik Digital Bank has established itself as a leading digital-only neobank in the Philippines with a focus on financial inclusivity leveraging digital innovations and strategic partnerships. With continued focus on innovation and customer-centric strategies, Tonik is set to maintain its position as a transformative player in the Southeast Asian banking landscape.