Philippines neobank Tonik signs credit assessment deal with FinScore
Philippines-based neobank Tonik has signed a partnership deal with compatriot alternative credit scoring firm FinScore.
Tonik aims to help underbanked Filipinos. As part of the tie-up, FinScore’s Telco Data Credit Scoring system is integrating with Tonik’s digital banking platform.
FinScore says its system can draw on more than 400 data points, including voice usage, top-up patterns, and data usage.
Tonik will use the data provided by the solution to increase the effectiveness of its loan approval processes.
Greg Krasnov, Tonik CEO, says the system helps his firm operate in a market with huge smartphone penetration.
“Doing so is key to forwarding our mission of accelerating financial inclusion in a country where majority of the population are underserved and unbanked.”
Tonik launched commercial operations under a licence from the Philippines’ central bank in November 2020.
It raised $21 million in Series A funding in June 2020, among its backers are blue-chip VC investors Sequoia India and Point72 Ventures.
The challenger plans to launch its new digital banking platform publicly in the market by the end of Q1 2021.
Christo Georgiev, FinScore chief strategy officer, says his firm is about “credit scoring for all”.
He adds: “The word ‘all’ encompasses not only the unbanked market but also institutions just like Тonik that aspire to reshape how Filipinos experience saving.
“Our partnership addresses the undeniably growing demand for fintech solutions and boosts financial inclusion.”