CEBU CITY, Philippines, Aug. 7, 2024 /PRNewswire/ -- Hello, langga! #VivaTonikBank
The Philippines' trailblazing digital bank, Tonik, announces its expansion to Cebu, bringing its full suite of customer-centric and innovative products to this vibrant region. This move underscores Tonik's vision to enhance financial inclusivity and provide accessible banking solutions to more Filipinos.
With this expansion, customers in Cebu can now access the complete range of Tonik's products and services, including the highly anticipated Shop Installment Loan, previously available only in Luzon retailers.
The Shop Installment Loan is a standout feature in Tonik's suite of lending products, enabling customers to effortlessly purchase their dream home appliances and gadgets with the lowest* monthly payments.
At a recent media launch, Greg Krasnov, Founder and President of Tonik, shared the bank's excitement about expanding into the Queen City of the South. "Our goal has always been to democratize banking and provide innovative solutions that cater to the everyday needs of Filipinos. With the rollout of the Shop Installment Loan in this beautiful region, we believe we are taking a significant step towards achieving that goal."
Consumer Lending Leader
Tonik's expansion into Cebu is also a part of its broader strategy to revolutionize the banking industry in the Philippines. With Cebu being the second largest market for financial services in the country, the development is expected to push the bank's growth and sustain the growth of Tonik's Point of Sale (POS) network.
This year alone, the digital bank has grown its POS network by 5x, solidifying its position as the #1 credit-led digital bank and leader in consumer lending growth in the Philippines.
Residents of Cebu can now enjoy the Shop Installment Loan, along with the readily available high-interest savings accounts, bills payments, quick and easy loans, and a seamless mobile banking experience, all designed to empower them to manage their finances more efficiently and securely.
The Shop Installment Loan will initially be available at select retailers, with plans to expand to more stores by Q4 2024.
Tonik looks forward to serving the locals and contributing to their financial well-being, continuing its commitment to transforming the financial landscape in the country.
* compared to current Consumer Financing Providers' Standard Loan offers.
About Tonik
Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank operates based on the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP).
Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik's tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Tonik Bank is now in Cebu!
