Toloka.vc backs Tonik's pre-Series C as Philippine neobank eyes Tokyo listing
What's the deal? Ukrainian venture syndicate Toloka.vc has invested in Tonik Financial Pte. Ltd., a Singapore-headquartered financial group that owns and operates the first licensed digital bank in Southeast Asia. The investment is part of a pre-Series C financing round. The deal amount was not disclosed.
Tonik's business model relies on its full Philippine banking licence to attract low-cost retail deposits and channel them into high-yield consumer lending — a structure non-bank fintechs cannot replicate. Its existing investor roster includes Japan's Mizuho Bank and Peak XV Partners (formerly Sequoia Capital India & Southeast Asia).
In December 2025, a consortium led by Ukrainian firm Diligent Capital PartnersDealroom has a profile for this one. Try Dealroom → invested $12M in Tonik.
Why now? Tonik reached cash-flow breakeven in Q1 2026, signalling it has passed the riskiest stage of its growth. That milestone makes the pre-Series C window attractive for new backers looking to enter before a potential public listing.
Toloka.vc general partner Oleksandr Kolb said the syndicate expects a 25–50% annual return over three years, citing "rapid balance growth, a full banking licence, a highly profitable core product and a clear path to realising the investment through a listing on the Tokyo Stock Exchange."
What could go wrong? The Philippines' consumer lending market carries credit risk, and any macroeconomic downturn could squeeze Tonik's loan book. A planned Tokyo Stock Exchange listing is far from guaranteed — regulatory hurdles, market conditions, or slower-than-expected growth could delay or derail it.
The undisclosed deal size also makes it hard to gauge how much skin Toloka.vc has in the game.
The signal: Ukrainian venture capital is increasingly looking beyond domestic borders. Toloka.vc's bet on a Philippine neobank reflects a broader trend of Eastern European investors seeking high-growth fintech opportunities in underserved emerging markets — particularly Southeast Asia, where hundreds of millions of people remain unbanked or underbanked.
It also underscores the maturing playbook for neobanks in the region: secure a full banking licence, reach operational scale, then court later-stage capital with a credible IPO narrative.
Read more: en.ain.ua
