Rubicon Law is pleased to announce that we have acted for Tonik Financial Pte. Ltd. (“Tonik”) in its US$131 million Series B equity financing round led by Mizuho Bank Ltd. which completed in February 2022. The other significant new investors in this round include Prosus Ventures (formerly Naspers Ventures), DST Partners, as well as a Singapore investment fund Sixteenth Street Capital and Indonesian family office Nuri Group. This round also saw strong repeat participation from previous venture capital investors Sequoia India, Point72 Ventures, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark Partners, and Kraft.

Tonik became the first neobank in Southeast Asia after officially launching in the Philippines where it was granted the country’s first ever digital bank license by the Bangko Sentral ng Pilipinas (BSP). Tonik is one of the very few globally to be operating on the basis of its own bank license.

The equity injection from this Series B equity financing round cements Tonik’s operational capabilities to provide banking facilities and expand its product portfolio to a population of approximately 110 million in the Philippines, 70% of which remain unbanked.

The partnership with Mizuho will also provide Tonik with enhanced access to the international wholesale funding markets and world-class managerial talent whilst also serving as a reputable platform for Tonik’s future international expansion.

For more information, see:

·        https://tonikbank.com/news/tonik-raises-us131m-series-b-led-mizuho-bank

·        https://www.businesstimes.com.sg/garage/philippines-digital-bank-operator-tonik-financial-raises-us131m-in-series-b-round-led-by

·        https://asia.nikkei.com/Business/Finance/Mizuho-to-invest-about-60.6m-in-Tonik-Financial