Philippines: Tonik, the Neobank, Expands Home Along’s Shop Installment Loan

Tonik, the Philippines’ pioneering digital bank, has strengthened its Shop Installment Loan offering through a partnership with trusted retailer Home Along. The collaboration has enabled Tonik to make its loan product available in 70% of Home Along retail outlets, marking a significant milestone in the bank’s mission to achieve financial inclusivity for underserved segments.

Greg Krasnov, Founder of Tonik Bank, spoke positively about the partnership, stating that it has not only enhanced operational success but also provided customers with enhanced financing alternatives. Tonik has facilitated thousands of loans across Home Along’s retail network in Luzon, demonstrating its commitment to providing affordable monthly installments, minimal requirements, and a swift 15-minute approval process.

The collaboration has been mutually beneficial, according to Mr. Alvin Tsoi, Owner of Home Along, who praised Tonik’s efforts to improve customer experience through better financing options. Both parties are dedicated to world-class customer care and plan to expand their partnership in the future. They aim to achieve 100% store coverage by the end of 2023.

Tonik is the first digital-only neobank in the Philippines and offers loan, deposit, and payment products through a secure digital banking platform. It operates under the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP). The bank is led by a team of retail finance veterans and is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank.

Tonik’s tech stack is integrated with top banktech vendors such as Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. The bank operates from hubs in Singapore, Manila, and Chennai, serving customers across the Philippines.

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