The round brings Tonik’s total funding to USD 44 million. 

Despite a pandemic-induced drop in overseas workers, remittances from Filipinos abroad reached USD 33.2 billion in 2020, nearly unchanged from a year earlier.

Tier One manages 420 gaming and e-sports influencers which it places with corporate clients like Foodpanda, Unilever, Riot Games, and Samsung.

Tonik has onboarded 30,000 clients and achieved a positive balance sheet of over USD 20 million within a month of operation.

Companies like SeedIn, Asia’s leading P2B crowdfunding platform, are helping local MSMEs with short-term financing.

Unfazed by the competition, Bhasin said the company’s auto sector is the most-visited auto classifieds platform in the region.

Malaysia has been the most impacted with over 11 million being exposed, followed by Singapore with 3 million, and 879,699 users in the Philippines.

The Philippine Stock Exchange and local financial firms are adapting to a new crop of market participants.