Tonik, the Philippines’ first digital-only neobank, has surpassed PHP5 billion ($100 million) in consumer deposits, just eight months after its launch of commercial operations. Tonik had secured its first PHP1 billion in consumer deposits within a month of going live in March.

Tonik’s deposit achievement was supported by unique, accessible, flexible, and inclusive products, including industry-leading deposit interest rates of up to 6 percent per annum for time deposits, and Solo Stash and Group Stash products that can earn up to 4 and 4.5 percent per annum, respectively.

Tonik CEO and Founder Greg Krasnov said, “We built Tonik to accelerate financial inclusion to more Filipinos, who deserve to have the fully-digital ease and convenience in their banking experience. We are very grateful that we’re now closer to reaching this goal with the overwhelming support that we are receiving from our customers.”

“To make this holiday season sweeter, and further accelerate on customer acquisition, we are launching welcome bonus and referral programs that will enable our customers to earn upon joining or by inviting their friends to start a neobanking romance with us,” he added.

Tonik recently launched its first lending product called ‘Quick Loan,’ designed to serve the vast unbanked and underbanked Filipino middle class with a quick and affordable bank loan proposition in under 15 minutes.

Tonik holds the first private bank digital bank license in the country, is supervised by the Philippine central bank Bangko Sentral ng Pilipinas, and its deposits are insured by the Philippine Deposit Insurance Corporation.

With $44 million raised to date (including a $17 million pre-Series B round in May), Tonik is among the best-funded FinTechs in Southeast Asia. In November, Krasnov was one of the seven founders of Philippine-based startups who spoke to TechNode Global about the country’s burgeoning funding scene.

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