Tonik Bank in now in Cebu!

 

Tonik, the pioneering digital bank in the Philippines, is expanding to Cebu, bringing its full range of innovative and customer-centric products to the region. This move aligns with Tonik’s mission to enhance financial inclusivity and provide accessible banking solutions to a broader audience in the country.

Cebu residents can now access Tonik’s comprehensive suite of products and services, including the highly anticipated Shop Installment Loan, which was previously available only in Luzon retailers. This loan enables customers to purchase home appliances and gadgets with the lowest* monthly payments.

At a recent media event, Greg Krasnov, Founder and President of Tonik, expressed excitement about the expansion. “Our goal has always been to democratize banking and provide innovative solutions that cater to the everyday needs of Filipinos. With the rollout of the Shop Installment Loan in this beautiful region, we believe we are taking a significant step towards achieving that goal.”

Tonik’s expansion to Cebu is part of its broader strategy to revolutionize the banking industry in the Philippines. As the second largest market for financial services in the country, Cebu is expected to drive the bank’s growth and support the expansion of Tonik's Point of Sale (POS) network. This year, Tonik has increased its POS network by five times, solidifying its position as the leading credit-led digital bank and a leader in consumer lending growth in the Philippines.

Residents of Cebu can now benefit from the Shop Installment Loan, as well as high-interest savings accounts, bills payments, quick and easy loans, and a seamless mobile banking experience, all designed to help them manage their finances more efficiently and securely. The Shop Installment Loan will initially be available at select retailers, with plans to expand to more stores by Q4 2024.

Tonik is committed to serving the locals and contributing to their financial well-being, continuing its mission to transform the financial landscape in the country.

Compared to current Consumer Financing Providers’ Standard Loan offers.

About Tonik

Tonik is the first digital-only neobank in the Philippines, offering loan, deposit, and payment products on a highly secure digital banking platform. It operates under the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP). Led by a team of retail finance veterans with experience building and scaling multiple retail banks and fintechs across global emerging markets, Tonik is backed by top international investors including Sequoia India, Point72 Ventures, and Mizuho Bank. Its tech stack is integrated with world-class banktech vendors such as Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. Tonik has hubs in Singapore (HQ), Manila, and Chennai.