Tonik Financial, the parent company of Tonik Digital Bank in the Philippines, has raised $131m in a Series B equity funding round led by Japan’s Mizuho Bank.

Tonik’s new backers included Prosus Ventures, DST Partners co-founder Rahul Mehta, Sixteenth Street Capital, and Nuri Group.

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The round also saw participation from existing investors Sequoia India, Point72 Ventures, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark, and Kraft.

The digital bank will use the funding to expand its digital operation in the Philippines and drive financial inclusion in Southeast Asia. It estimates that the Philippines offers a $140bn retail savings market and a $100bn unsecured consumer loan opportunity.

Launched in 2021, Tonik plans to roll out all-digital consumer lending products and expand the value proposition of its Tonik Account offering.

Tonik founder and CEO Greg Krasnov said: “We are very excited to partner with Mizuho, one of the top 10 banking groups in the Asia-Pacific region. The partnership with Mizuho will provide Tonik with enhanced access to the international wholesale funding markets and world-class managerial talent, as well as serve as a fantastic platform for our future international expansion.”

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Mizuho Retail Business Company managing executive officer Daisuke Horiuchi said: “Tonik’s unique track record so far validates the existence of massive demand for digital banking services in the Philippines, where over 70% of the population remains unbanked.

“As the first mover and market leader, Tonik is well-positioned to grow into one of the largest banks in the Philippines, as well as enter other Southeast Asian markets. We are keen to support Tonik’s world-class management in their vision to increase financial inclusion in the region.”

In December 2021, Tonik, joined forces with Apiwiz to accelerate digital banking in Philippines.