What're you banking on? Say hey to Tonik! It's the Philippines' first-ever neobank. Its parent company, Tonik Financial, just snagged a $131M Series B, led by Japan's Mizuho Bank.

• Since launch, Tonik hit $100M in deposits in the first eight months.
• The Philippines is a $140B retail saving market and $100B unsecured consumer lending market, yet 47% of its adults are unbanked.

Talkin' money. Prosus Ventures, Rahul Mehta (DST Partners), Sixteenth Street Capital, Nuri Group, Sequoia Capital, Point72 Ventures, Insignia Ventures, iGlobe, Alpha JWC, Citius, Blauwpark and Kraft also cashed in.

• Mizuho also led the $200M Series E round for Vietnamese e-wallet, MoMo that hit a $2B valuation.

🏦  How it works

Open an account in 5 minutes. Forget the long lines waiting and paperwork, it's all online.

• Just like any other bank, use the account to transfer cash to other banks, Tonik users or payment partners.

Top-rated rates. Since it's an online bank with no branches, it can give you higher rates.

• Get a 6% annual interest rate for its time deposit and 4% for its solo stashes.

Stash it. Usually, you just have one account for savings. Tonik has stashes, where you can separate your cash into different "stashes" for different things like a vacation, emergencies or a new car.

• Save with friends through group stashes and enjoy 4.5% annual interest rates.

Get carded. Start using your Tonik virtual debit card after opening your account for payments.

Fast loans. Get loans of up to 100,000 PHP (aka, $1,000) in just minutes, sent straight to your Tonik account.

• Choose from quick loans to installment loans for major purchases.
• Pay in flexible installments of up to 24 months.

🤑  What's with the $$$?

It's focusing on acquiring more users in the country, launching its lending products and improving its product offerings.