FINTECH

Tonik recognized as one of the top fintechs in the world

Tonik | October 14, 2022 | Read time : 03:30 min

Tonik recognized as one of the top fintechs in the world
Tonik, the first neobank in the Philippines, claimed the honorable distinction as one of CB Insights' Top 250 most promising fintech companies worldwide.

CB Insights, a business analytics platform and global database, releases annually their selection of the top 250 private fintech companies in the world. Selected from over 12,500 organizations, they are chosen based on factors such as funding, marketing potential, tech novelty, and CB Insights' proprietary mosaic scores, among others.

Tonik was recognized as one of the most innovative and pioneering fintechs in digital banking, along with other game-changers such as Revolut, N26 and Monzo. Most remarkably, Tonik is one of only two Philippine companies in the list and is the only Southeast Asian fintech listed in the Digital Banking category.

Carrying on its momentum from its commercial launch in 2021 as the Philippines' first purely digital bank, Tonik's industry-leading interest rates and unique and bespoke products provide Filipino customers an innovative, secure, and uncomplicated way to take charge of their money through Tonik's revolutionary proprietary app. This enabled the neobank to secure over PHP 8B (USD 133M) in deposits in its first year of operation, a historic feat for a new bank in the country and onboard more than half a million customers.

The bank is now focused on rolling out a broad range of revolutionary digital consumer lending products, including cash loans, in-store loans, and most recently – home equity loans.

"We are grateful to CB Insights for recognizing Tonik in this prestigious list. It is truly an honor to be listed among the most promising fintech companies in the world.  This recognizes the importance of technology as the key in driving more productive, efficient, and inclusive banking services for retail customers in the emerging markets,"

- Tonik Founder and CEO Greg Krasnov

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 on the basis of 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.

Spotlight

From phone apps to home automation to cashless commerce and beyond, digital disruption is the new normal for consumers today. It’s changing what we do—and how we get things done— in countless ways.


Other News
PAYMENTS, FINTECH

PayUp Announces Partnership with nFusion Capital

PayUp and nFusion Capital | November 23, 2022

Peter Rex, founder and Executive Chairman of Rex, announced that PayUp, a Rex company, has partnered with Austin-based nFusion Capital. PayUp is a technologized early payment solution for small and medium-sized businesses ensuring convenient and affordable access to capital. nFusion Capital is a private working capital finance company delivering customized financing solutions to small and medium-sized businesses. "Labor and materials prices are expected to continue to rise due to inflation and shortages, and 87% of vendors don't qualify for traditional lending, PayUp is building technology to manage the arbitrage in credit worthiness between these vendors and customers. A line of credit from a partner like nFusion Capital is only going to help PayUp meet that rising demand," -Peter Rex PayUp partners with businesses and their customers to expedite payments providing a fully integrated experience that seamlessly fits into existing invoicing workflows and provides instant verification and early, predictable payouts. We are excited to partner with PayUp and provide the capital they need to continue to grow their market, In a world where many companies hide behind jargon and fake tech, PayUp is the real deal. It is fin-tech that has developed a truly one-of-kind platform built with technology that solves a real-world problem and we look forward to their continued success,said Jason Lippman, CEO of nFusion Capital. This line of credit will allow PayUp to factor $50M+ in invoices & achieve a multi-million dollar ARR, As we partner with high credit quality customers, we expect to raise larger debt facilities at lower costs of capital, thereby generating margin expansion for our current investors,said Denver Lobo, co-founder and CEO of PayUp. Since its May 2022 launch, PayUp has processed thousands of invoices totaling well over $1.5M in payments. Over the next 6-12 months PayUp will be focused on accelerating growth of their customer base and hiring key personnel. About Rex Rex is a technology, investment and real estate company whose mission is to empower the billions of people who use real estate to live, work, and play. Rex has launched Tech Ventures Real Estate (TVRE), a single venture to disrupt real estate - the world's largest asset class. TVRE leverages Rex's access to 10k+ apartments, an in-house startup studio and elite tech team that conceives of, launches, and scales revenue generating businesses at an industry leading pace. Founded by Peter Rex and headquartered in Austin, Texas, Rex has been named a Forbes "Best Place to Work." About PayUp PayUp is a fintech company serving small and medium-sized businesses with early payment solutions. PayUp's technology allows vendors to get paid early on their timeline. About nFusion Capital nFusion Capital brings a unique approach to the world of business finance – as optimists we start from a position of "yes we can" and aggressively work on behalf of our customers to ensure their success.

Read More

FINANCIAL MANAGEMENT

WBI Announces Strategic Partnership with Pacer ETFs

WBI and Pacer ETFs | November 21, 2022

WBI, an invest-tech and fintech company, and Pacer a 9-time award winning exchange traded fund provider, today announced a strategic partnership to transform how financial advisors interact with clients to personalize and implement model portfolios. WBI is a 2-time award winning fintech platform offering investment technology that optimizes multi-manager portfolios that target loss or return. With inputs from the client and assistance from a financial advisor, the platform’s interactive toolkit establishes client benchmarks for loss and return. The imbedded invest-tech then optimizes a portfolio to meet the client’s targets. Financial advisors can instantly customize the portfolio(s) to position the client for success. Pacer is a 9-time award winning exchange traded fund provider that has been recognized for its client-focused philosophy. One of the industry’s leading firms in strategy-driven, rules-based ETFs, Pacer continues to seek innovative and timely ways to serve investor needs and adapt to market conditions. “WBI is excited to work with Pacer. Their rules-based ETF offerings seek to produce strong risk-adjusted returns which are favored by the platform’s optimization engine, This partnership allows both parties to build on the momentum around our innovative products and shared mission to help improve investor outcomes.” -Matt Schreiber, Co-CEO at WBI One of America’s leading investment technology firms, WBI invest-tech features a multi-manager machine optimization engine that builds portfolios that aim to target a specific level of loss while attempting to maximize return. The firm’s proprietary Capital Power RatioTM seeks to unleash capital compounding. Similarly, Pacer’s Cash Cow Series aims to generate capital appreciation by investing in companies with high-free-cash-flow yield that are trading at a discount. The firm has grown their AUM by $10.3 billion in the last 14 months. Bruce Kavanaugh, Head of Investments at Pacer Advisors, was just as excited about the newly formed partnership, commenting, This now allows Pacer to introduce cutting edge model solutions to advisors through an award winning technology leader. Besides promoting the targeted loss portfolios of WBI’s technology platform, WBI and Pacer will look for other opportunities to partner on model construction. About WBI Founded in 1984, WBI is a trailblazer of technology-driven, goals-based wealth management solutions. The firm is a pioneer of active cash-hedged separately managed account and ETF strategies. WBI’s award-winning digital wealth management platform combines financial planning concepts and distinguished innovations to portfolio optimization and construction. WBI is a leader in providing client solutions tailored to their personal benchmarks for loss and return. About Pacer ETFs Pacer ETFs is a strategy-driven exchange-traded fund provider with 45 ETFs and over $18.5 billion in assets under management, as of 11/14/22. Pacer ETFs is focused on addressing investors’ needs through its six fund families, the Pacer Trendpilot® Series, Pacer Cash Cows Index® Series, Pacer Custom ETF Series, Pacer Thematic ETF Series, Pacer Factor ETF Series and Pacer Swan SOS ETF Series. Pacer ETFs employs a rules-based, passive management approach to track S&P, NASDAQ, FTSE Russell, and Custom Indexes.

Read More

FINANCIAL MANAGEMENT

Wells Fargo and HSBC Expand DLT Solution to Include Offshore Yuan

Wells Fargo and HSBC Holdings plc | November 18, 2022

Wells Fargo & Company (NYSE: WFC) and HSBC Bank plc today announced that the blockchain-based solution they are using for bilateral FX settlements is expanding to include the offshore yuan (CNH). The offshore yuan marks the fifth currency to be settled between the two banks using a shared settlement ledger that currently encompasses the U.S. dollar, Canadian dollar, British pound sterling, and the euro. Since launching the shared DLT solution in December 2021, HSBC and Wells Fargo have settled over $200 billion in transactions and plan to add additional currencies over the coming months. “We are pleased to expand the capabilities of the platform to include CNH, allowing us to reduce risk in the payment settlement process, The collaboration shows that we can pursue innovative technologies and apply them in a way that enhances our existing infrastructure and ultimately benefits our clients.” -Vince Hindman, global head of Rates and FX Solutions, Wells Fargo Corporate & Investment Bank Commenting on the announcement, Mark Williamson, global head of FX Partnerships & Propositions at HSBC said: Extending CNH PvP settlement to Wells Fargo is an important milestone for reducing Herstatt Risk outside G10 currencies. This development is only our first step in extending our coverage into Emerging Markets currencies. The shared, private ledger is managed by joint Operations teams at HSBC and Wells Fargo with full visibility by each of the parties to the relevant FX settlement, along with shared FX transaction records. The platform is governed under the framework of an agreed rulebook that facilitates efficient netting and settlement of FX transactions between HSBC and Wells Fargo in EUR, GBP, CAD, USD and now CNH. Participants in the network are only privy to transactions in which they are a counterparty. The platform runs on Baton Systems’ proprietary CORE distributed ledger technology and is governed by the Baton rulebook. The platform enables participants to efficiently settle bilateral cross-border obligations across multiple onshore and offshore currencies, coupled with the added flexibility of extended settlement windows to optimize PvP risk reduction opportunities. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. About HSBC Holdings plc HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,985bn at 30 June 2022, HSBC is one of the world’s largest banking and financial services organisations.

Read More

FINANCIAL MANAGEMENT, FINTECH

Illuminate Financial Announces Strategic Partnership with SGX Group to Advance Asia-Pacific FinTech Innovation

Illuminate Financial Management | November 30, 2022

Illuminate Financial, the specialist venture capital investor dedicated to early-stage FinTech and enterprise software companies, today announced a strategic partnership with Singapore Exchange (SGX Group), Asia's leading international multi-asset exchange. In connection with the partnership, SGX Group will become a limited partner in Illuminate Financial's latest venture capital strategy, which backs early-stage FinTech and enterprise software companies globally driving innovation in the financial services industry. "As a pioneering innovator in Asia's capital markets infrastructure, SGX Group has invested in digital solutions and technology that capture the future of capital markets across asset classes. We look forward to partnering with Illuminate Financial, and to connecting with FinTech players globally that are at the forefront of innovation." -Amit Kedia, Head of Strategic & Fintech Investments, SGX Group Luca Zorzino, Head of Asia Investments at Illuminate Financial said: We are excited to work with SGX Group as our first strategic partner in Asia to continue driving the FinTech innovation agenda in Asia-Pacific. This expansion marks a natural progression in Illuminate Financial's evolution as a global investor in B2B FinTech companies. Southeast Asia remains attractive for FinTech funding investments despite external pressures. Singapore accounts for a lion's share of ASEAN FinTech investments, securing more than half of the total 163 deals, amounting to US$1.8 billion, and 43% of total funding in the first three quarters of 2022, according to a UOB report. Illuminate Financial is led by Mark Beeston, Founder and Managing Partner, alongside partners Alexander Ross and Rezso Szabo. The venture firm, which operates out of London, New York, and Singapore, has to date invested in more than 30 late-Seed to Series A companies addressing core challenges across financial services. Investment themes within enterprise FinTech include Digital Assets Infrastructure, Climate and ESG, Data and Private Markets, as well as Tech Infrastructure that targets the financial services industry. About Illuminate Financial Management Illuminate Financial Management (Illuminate Financial) is a thesis-driven venture capital firm focused on FinTech and enterprise software companies defining the future of financial services. With offices in London, New York, and Singapore, Illuminate Financial's deep networks and trusted partnerships with key industry participants provide real insight into what the industry needs and helps their portfolio companies achieve their full potential.

Read More

Spotlight

From phone apps to home automation to cashless commerce and beyond, digital disruption is the new normal for consumers today. It’s changing what we do—and how we get things done— in countless ways.

Resources