Tonik, the country’s first digital-only neobank, said Thursday it has surpassed P5 billion (around $100 million) in consumer deposits as it continues to blaze a trail in the local banking industry.
Tonik said in a statement the deposits built up in just eight months of the neobank’s launch of commercial operations and came on the heels of Tonik’s prior achievement of another first in the banking history in the Philippines by securing P1 billion ($20 million) in consumer deposits within a month of going live in March.
Greg Krasnov, Tonik chief executive and founder, said Tonik’s deposit achievement was supported by unique, accessible, flexible, and inclusive products, including industry-leading deposit interest rates of up to 6 percent per annum for time deposits, and unique saving features such as Solo Stash and Group Stash products that can earn up to 4 percent and 4.5 percent per annum, respectively.
“We built Tonik to accelerate financial inclusion to more Filipinos, who deserve to have the fully-digital ease and convenience in their banking experience,” Krasnov said.
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