Tonik
Tonik is the Philippines’ first digital bank and holder of Digital Bank License No. 1 from the Bangko Sentral ng Pilipinas (BSP). Focused on consumer lending and financial inclusion, it combines digital banking with technology-driven credit underwriting to provide accessible financing solutions to Filipino consumers.
Kilde Score is the platform’s proprietary credit assessment of the borrower, reflecting Kilde’s independent credit view and expressed as a numeric score from worst to best (1.00–5.75). For full details of the credit methodology, including its mapping to a Fitch-style rating equivalent, please refer to this article.
Total unpaid balance on a loan, comprising both the remaining principal and any accrued interest.
Philippines
Regulatory status of the borrower: Licensed if the license is required, or 'Not applicable' if no licence is required in its operating market(s).
Total amount of loans the borrower has issued to its own end customers. Reflects the company's overall lending scale.
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Overview
Background & History
Founded in 2018 in Singapore and licensed by the Bangko Sentral ng Pilipinas (BSP) in 2021, Tonik Financial Pte. Ltd. is the holding company for Tonik Digital Bank, Inc. — the first digital-only bank to launch in the Philippines (February 2022) and holder of the BSP's first-issued digital banking licence. Tonik Financial Pte. Ltd. holds 60% of the bank, alongside Oak Drive Ventures, Inc. (20%) and Camerton, Inc. (20%). The group also owns Templetech Finance Corp. (trading as Tendo, the payroll-lending arm with 260+ employer partners) and Purple Hub, Inc. (retail distribution), together with a technology subsidiary in India. Total group headcount is 1,491.
Business Model & Lines of Business
Tonik's core model is a credit-led digital bank: lending is the primary revenue and value engine, funded entirely by PDIC-insured retail deposits at a blended cost of approximately 4.5–6.2% — with no wholesale borrowings or third-party bank debt anywhere in the group. Approximately two-thirds of the portfolio is linked to payroll deduction or repeat-repayment cash flows. The employer/payroll channel (Tendo) accounts for ~47% of the loan book through salary-deducted origination across 260+ corporate partners. The remainder is distributed via 850+ retail points of sale and 1,000+ field promoters (~25%), repeat and upsell lending (~20%) and a tightly-capped digital acquisition channel (~8%). Credit decisioning uses 10+ proprietary AI/ML scoring models built in-house. The blended asset yield is approximately 66%, producing a net interest margin of approximately 46% of average net loans in FY2025. With a loan-to-deposit ratio of 80–90% (87% at end-2025), lending is fully covered by retail deposits.
Key Milestones
The net loan portfolio grew from USD 15.6M (FY2023) to USD 41.6M (FY2024) and USD 90.7M (FY2025), a 143% CAGR over two years, reaching USD 103.5M by June 2026.Gross margin reached USD 16.9M in FY2025 (+33% YoY, from USD 12.7M in FY2024 and USD 5.2M in FY2023). Stage 3 NPL improved from 9.1% (Dec 2024) to 5.6% (Dec 2025), with vintage lifetime loss rates on recent cohorts declining to 16–18% from above 50% on early 2022 vintages. Cash-flow breakeven was achieved in February 2026; the licensed bank subsidiary has since turned IFRS-profitable, after narrowing its net loss to PHP 380M in FY2025 from PHP 1,126M in FY2024. Capital adequacy ratio stood at 16% (Dec 2025) against a 10–11% regulatory minimum. Cumulative originations exceeded USD 540 million. Consolidated financials for FY2023–FY2025 were audited without modification by PricewaterhouseCoopers LLP Singapore and Isla Lipana & Co. (PwC network).
Management Team & Organisation
The group is led by Greg Krasnov (Founder & CEO; former CEO of Platinum Bank; 2× bank CEO; 21 years in consumer finance), Tomasz Borowski (COO & CRO; GE Capital, Raiffeisen Bank; 23 years), Mike Singh (Chief Acquisition Officer; HSBC, Grab Financial, Union Bank; 22 years), Sateesh Reddy (CTO; Cognizant, TagIt; 15 years in fintech), Anastassiya Likhacheva (CFO; Deloitte, PwC; 3× CFO), Mila Bedrenets (CMO; Platinum Bank; 20 years in fintech marketing) and Ralph Embalsado (Chief Portfolio Officer; BPI Bank, Security Bank). The board includes directors from Mizuho Bank (Hiroshi Kato), Insignia Ventures Partners (Yinglan Tan, Founder & CEO), OTB Ventures (Adam Niewinski, Co-Founder & Managing Partner), K2 Investments (Krzysztof Krawczyk), Diligent Capital Partners (Dan Pasko and Horizon Mark Iwashko). Senior advisors include former Philippine SEC Commissioner Ephyro Amatong, former Bankers Association of the Philippines Chair Cesar Virtusio and Pavel Vyhnalek (former CEO, Home Credit Asia). Institutional shareholders include Mizuho Bank (~10%), Peak XV Partners, Insignia Ventures Partners, Point72 Ventures, K2 Investments and OTB Ventures.
Financials
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Total income (interest and fee income) generated from the borrower’s lending activities.
Products
Typical contractual tenor of the loans disbursed by the borrower to its end customers.
The effective Annual Percentage Rate of the loan charged by the borrower to its end customers, inclusive of interest and fees.
Typical principal amount disbursed by the borrower to its end customers per loan transaction.
Expected share of non-performing loans (NPL) — loans where the end customer has stopped repaying — under this product, shown as a range.
Share of this product in the borrower's overall loan portfolio. Shows how much of the lending business comes from this product.
Market Data
According to Fitch Rating
Annualised
Annualised