Ukrainian investment company Diligent Capital Partners (DCP) has become the lead investor in a $12 million funding round raised by Philippine neobank Tonik. The transaction was completed by a consortium of international investors led by DCP, highlighting the active role of Ukrainian capital in the development of fintech projects outside the country.
Tonik is the first fully digital bank in the Philippines. It began operations in 2021 and has quickly secured a notable position in the local market. Since launch, the bank has attracted nearly $150 million in deposits, reflecting strong customer trust and growing demand for digital banking services in the country.
Tonik founder, Ukrainian financier Greg Krasnov, said that investors and management worked closely to shape the bank’s growth strategy. According to him, the key focus was on disciplined scaling, maintaining strong capital metrics, and developing a credit-oriented business model intended to become one of the bank’s main profitability drivers.
The funds raised in the round will be used to further develop Tonik’s business, including expanding its product offering, strengthening its technology platform, and growing its customer base. This is particularly relevant given the size of the market: according to the bank’s estimates, the Philippine retail savings market exceeds $350 billion, while the potential unsecured lending market is estimated at around $100 billion.
Tonik’s investor base includes several major international funds and financial groups, such as Mizuho (Japan), Point72 Ventures (US), Insignia Ventures Partners (Singapore), Peak XV Partners (India), and Altara Ventures (Singapore). This diverse group of backers underscores global interest in the Philippine fintech market and Tonik’s business model.
Diligent Capital Partners also noted that part of Tonik’s management team consists of Ukrainian nationals, with some employees continuing to work directly from Ukraine, further emphasizing the project’s international nature and the involvement of Ukrainian professionals in its development.
In addition, DCP announced the strengthening of its investment team with the appointment of Kristina Harea, former Deputy Governor of the National Bank of Moldova. The move signals the fund’s intention to enhance its expertise in financial and regulatory matters.
Diligent Capital Partners positions itself as a private equity fund focused on export-oriented companies, agribusiness, as well as consumer goods and services sectors.
The article also recalls the professional background of Greg Krasnov. He previously held senior management roles at Platinum Bank in Ukraine, serving as CEO from 2006 and as Chairman of the Management Board from December 2013. In October 2014, he left the bank while holding the position of Deputy Chairman of the Supervisory Board. In January 2017, the National Bank of Ukraine declared Platinum Bank insolvent.
