Tonik’s CTO starting his own digital lending platform

The chief technology officer of Tonik Digital Bank, the first neobank licensed in the Philippines, has left to create a rival.

Arivuvel Ramu helped design and launch Tonik, from 2018 to 2022, over which time the bank accrued $1 billion in deposits, according to a pitch deck seen by DigFin. (Tonik’s 2021 financial statement, the most recent publicly available record, shows deposits of P5 billion, or $90 million.)

Now Ramu is taking on the role of frontman, as co-founder and CEO.

The new business, Inypay, describes itself as “a next generation digital platform” providing Southeast Asia’s underserved and underbanked with “hyper-personalized financial experience, products and services”.

Ramu’s co-founder and CTO is Barani Sundaram, a longtime banker serving at Standard Chartered, DBS, RBH and TP Bank.

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