Philippine Digital Bank Tonik Selected for Japan Exchange's TSE Asia Startup Hub, Eyes Tokyo IPO
Tonik, a Philippine digital bank, has been selected for the Japan Exchange Group's 'TSE Asia Startup Hub' programme in 2025. This marks the first time a Philippine company has been chosen for this programme, which supports growth companies' business development and fundraising.
Tonik's Founder and CEO, Greg Krasnov, has a clear vision for the company's future. He has a three-year road map towards achieving an initial public offering (IPO) in Japan. Krasnov prefers Tokyo as the listing market due to its liquidity and believes a 'unicorn plus' valuation would be more attractive there. A public listing is a typical path for fast-growing digital banks like Tonik to access capital for expanding loan books and meeting regulatory requirements.
Tonik's inclusion in the programme paves the way for a potential IPO in Japan. Key investors, including Mizuho Bank which owns a 10% stake in the company, could facilitate this process. Krasnov considers Mizuho Bank's involvement as a 'massive validation point' and suggests they could serve as the underwriter for the IPO.
In 2024, Tonik cut its pre-tax loss by 25% to US$21.9 million and saw a 23% increase in income to US$24.6 million. With its selection for the 'TSE Asia Startup Hub' programme and a potential IPO in Japan, Tonik is poised for further growth and expansion in the digital banking sector.
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