Tonik enters SME lending

Tonik becomes 1st digital bank to enter secured loans in the Philippines

MANILA, Philippines, Jan. 16, 2024 /PRNewswire/ — Tonik Digital Bank (Tonik), the Philippines’ first digital-only neobank, leveled up its Big Loan catering to a wider range of financial needs for small businesses in the Philippines.

As the first digital bank in the country to offer a secured loan product, Tonik’s Big Loan offers entrepreneurs up to P5 million with flexible, tailored repayment options, competitive interest rates, and a streamlined application process that elevate the lending experience of small and medium enterprises (SMEs).

Tonik also provides personalized, end-to-end support through a dedicated team of experts available to assist borrowers throughout the lending process.

As micro, small, and medium enterprises (MSMEs) make up 99.58% of all businesses in the Philippines, 67% of which face credit constraints—Tonik’s Big Loan expands Filipino SMEs’ access to larger amounts with the flexibility and convenience they need to take their businesses to scale.

“Availing Tonik’s Big Loan is very convenient…it’s also very fast. Upon approval of my loan, it helped me buy a parking lot which I’ll use to generate passive income,” says Rowena Gotinga, a Tonik customer.

“By providing SMEs with accessible and flexible financing through the Big Loan, we are not just extending credit; we are unlocking opportunities. At Tonik, we focus our energies into ensuring that every Filipino entrepreneur, regardless of the size of their business, is empowered with the necessary tools and resources they need to thrive to turn their dreams to reality,” said Greg Krasnov, Founder and CEO of Tonik Digital Bank.

The digital lending market in the Philippines is seen to grow by 45.4 percent to reach $488.8 million in 2023 and is expected to ring up to $1.68 billion by 2027—led by digital banking service providers such as neobanks and fintech firms.

To help small businesses unlock the benefits of digital banking, Tonik will be participating in the “Pangkabuhayan QC” Event, a series of Livelihood Training Seminars for MSME owners from January 24-26, in partnership with the Quezon City Government’s Small Business Division.

To learn more about Tonik’s loan offerings visit tonikbank.com/loans.

About Tonik

Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank operates based on the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP). 

Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik’s tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.

Media Contact: 

Tonik PR Team 
pr@tonikbank.com

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SOURCE Tonik Digital Bank, Inc.