Tonik Bank launches in Cebu, Shop Installment Loan now available

Digital bank Tonik recently finally expanded to Cebu to bring its full suite of "consumer-centric and innovative" products to the region.

Tonik Cebu

Tonik is available in Cebu

Thanks to this expansion, Cebuanos can now access its previously Luzon-only products and services like the Shop Installment Loan.

Cebuanos can now enjoy Tonik

Shop Installment Loan enables its customers to purchase their home appliances and gadgets with the "lowest" monthly payments.

Moreover, now available are high-interest savings accounts, bills payments, quick and easy loans, and a seamless mobile banking experience,

These services are said to allow users to manage finances more efficiently and securely.

Greg Krasnov, Founder and President of Tonik shared,

Our goal has always been to democratize banking and provide innovative solutions that cater to the everyday needs of Filipinos. With the rollout of the Shop Installment Loan in this beautiful region, we believe we are taking a significant step towards achieving that goal.

The expansion of the company is part of its broader plan to revolutionize the banking industry in the Philippines.

Cebu is the second-largest market for financial services in the country.

The move is also expected to push the bank's growth and sustain the growth of Tonik's Point of Sale (POS) network.

According to the company, the digital bank has grown its POS network by 5x to solidify its position as the "number 1 credit-led digital bank" and "leader in consumer lending growth in the Philippines".

What do you guys think?