Tonik Financial, the controlling shareholder of Philippines-based digital bank Tonik, has announced raising $12 million in a pre-Series C funding round anchored by mid-market private equity firm Diligent Capital Partners.
The round also drew participation from Plio Limited, existing shareholder Altara Capital, and Tonik’s management, the company said.
The proceeds will be used to strengthen Tonik Digital Bank’s capital position under Bangko Sentral ng Pilipinas requirements, and to fund technology spending to accelerate customer acquisition, cross-selling, and automation.
The funding round comes as Tonik, the Philippines’s first licensed digital-only bank, seeks to bolster regulatory capital and keep investing in its technology platform.
“This round is about scaling with discipline—protecting our capital ratios while growing a profitable, credit-led model,” said Greg Krasnov, founder & CEO of Tonik.
Tonik said it enters the round with three years of profitability-driven scale, having grown its loan portfolio 15× to $83 million, while annualised revenue has reached over $40 million.
Diligent Capital Partners, the lead investor in the pre-Series C funding round, is a mid-market private equity firm created to mobilise both private and public capital to support the strengthening of the Ukrainian and wider Black Sea Region economy, per the announcement.
The firm’s partner, Dan Pasko, said the investor, while focused on Ukraine and the Black Sea region, also backs Ukrainian founders building abroad, adding that the firm had previously worked with Krasnov.
Tonik closed a $131-million Series B round in February 2022 led by Mizuho Bank. New investors in that round included Prosus Ventures (formerly Naspers Ventures), DST Global partner Rahul Mehta, Singapore-based Sixteenth Street Capital, and Indonesian family office Nuri Group, while the repeat participants were Sequoia India, Point72 Ventures, Insignia Ventures Partners, iGlobe Partners, Alpha JWC Ventures, Citius, Blauwpark, and Kraft.
Krasnov earlier told DealStreetAsia in an interview in September that the bank has made it to the Tokyo Stock Exchange (TSE) Asia Startup Hub 2025, paving the way for its potential listing in the East Asian country going forward.
Regulatory filings show that Tonik has been narrowing its losses while growing its income base. The company cut its loss before tax by 25% to $21.9 million in 2024 from $29.6 million a year earlier.
Interest and non-interest income reached $24.6 million, up 23% from $20 million in 2023; while staff and operating expenses remained largely stable at $34.7 million, compared to $34.8 million the year before.
