Tonik raises $21 million to introduce digital bank in the Philippines
A wave of digital banks, or neo-banks, has grown in recent years in Western countries as people start to leave megabanks. While the majority of these startups are yet to show they can make a profit, entrepreneurs are beginning to replicate similar ideas in South Asian markets, where most people do not have accounts with standard banks […] While many of these startups are yet to prove they can turn a revenue, entrepreneurs are starting to reproduce similar ideas in South Asian markets, where most individuals don’t have accounts with standard banks at all. Greg Krasnov, the creator and chief executive of Tonik, said according to his price quotes, the retail savings market in the Philippines is worth $140 billion and the Southeast Asian country likewise presents a $100 billion chance in unsecured consumer lending. In several South Asian markets, where, like the Philippines, much of the population stays unbanked, startups are racing to fill the void. …
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