Philippine digital bank Tonik on Tuesday announced that it has reached breakeven after generating consolidated positive cash net income in the first quarter of 2026.
The lender, which counts Forum Capital, Insignia Ventures, and Peak XV as its top shareholders, said the company generated consolidated positive cash net income—after deducting all costs, including cost of risk—on a group level in Q1. Tonik’s regulated bank subsidiary, Tonik Digital Bank. has also achieved IFRS profitability for the first three months of 2026, the bank said in a statement.
Tonik is the first fully digital bank to operate in the Philippines. It officially launched in the Philippines in March 2021 after securing one of the country’s first digital banking licences from the Bangko Sentral ng Pilipinas, meaning the lender took about five years from launch to reach profitability.
The firm did not disclose absolute profit figures in its statement. However, it said that as of April 2026, its loan portfolio had reached $110 million, up 2.3x year-on-year; while its annualised revenue run-rate exceeded $60 million, with 99% derived from lending operations.
The bank also reported a net interest margin (NIM) of 51%, lending RAROC of 25%, and a loan-to-deposit ratio of 82%. Its net lifetime value-to-customer acquisition cost (LTV/CAC) ratio stood at 23x.
The milestone marks a turning point for one of Southeast Asia’s earliest neobanks as Tonik now shifts its focus from achieving profitability to sustaining it ahead of its next fundraising phase.
“Breakeven changes the conversation, not the destination. The next 12-24 months are about converting breakeven into durable, compounding profitability,” Tonik founder and CEO Greg Krasnov told DealStreetAsia.
Krasnov also told this publication that the profitability milestone allows the lender to shift its focus towards its next stage of growth and future fundraising plans, adding that Tonik has built a model that “no longer requires external subsidy to grow”.
“Our next external capital event will be Series C, which we’re positioning as a pre-IPO round,” he told DealStreetAsia.
In an interview with this publication in September last year, Krasnov said the company was exploring a potential Tokyo listing after being selected as part of the Tokyo Stock Exchange’s Asia Startup Hub 2025 cohort.
Tonik attributed its profitability to improvements in AI-driven underwriting, a diversified lending portfolio across salary-deduction loans, merchant instalment financing and digital personal loans, as well as lower funding costs enabled by its BSP digital banking licence. The bank said access to retail deposits gives it a structural funding advantage over non-bank lenders.
With profitability achieved, the digital bank’s founder said focus is now on scaling its loan book under capital discipline, deepening its engagement-flywheel products, and compounding risk-adjusted returns on capital.
Krasnov said near-term priorities include expanding employer-channel lending through Tendo, the payroll-enabled financial services platform Tonik acquired in 2022 to strengthen its salary-deduction lending and workplace financial wellness offerings.
Tendo’s partners include business process outsourcing (BPO) giant Concentrix, the Philippines’ largest private employer.
In December 2025, Tonik, raised $12 million in a pre-Series C funding round anchored by mid-market private equity firm Diligent Capital Partners. The round also drew participation from Plio Limited, existing shareholder Altara Capital, and Tonik’s management, the company said.
