Tonies GmbH – a success story

, Expert assistance every step of the way – from start-up to global market leader

Commerzbank assisted the young business early on in its start-up phase by providing working capital financing. The relationship between the Bank and the client was built on open, transparent communication, showing for example that Tonies regularly outperformed its projections. On this basis, it was easy for Commerzbank to realise further projects with the client. As the business became increasingly international – in both procurement and sales – new solutions were needed for international cash management and settlement processes. Global Payment Plus, a professional platform for payment transactions, played a key role here alongside foreign currency hedging in risk management, in particular for US dollar exposures.

With each passing year, the demands on financial management grew increasingly complex, leading to more and more expert input from the financial engineering experts at Commerzbank’s Dusseldorf branch and Frankfurt headquarters. When liquidity tightened during growth, CommerzFactoring, a partner of Commerzbank, was instrumental in easing the situation. The sale of receivables provides relief on credit lines and creates additional financing headroom. Especially in the case of high-growth companies such as Tonies, factoring offers a clear advantage: financing scales in parallel with the receivable seller’s revenues. This makes it easier to manage seasonal spikes while also reducing strain on credit lines and creating greater financial flexibility.

These days, Tonies is “all grown up”. Once a start-up pitching a marvellous audio platform for kids, it is now a high-performing global player. While 98 percent of revenues were generated in Germany, Austria and Switzerland in 2019, with just two percent in the United Kingdom, the picture was a very different one just five years later in 2024: North America led the field (44 percent) followed by Germany, Austria and Switzerland (38 percent) and then the rest of the world (18 percent).

The global nature of Tonies’ business has made it susceptible to disruptions in international trade. These range from unexpectedly high tariffs in the US and potential retaliatory measures from other countries or regions to short-term “deals”, volatile capital markets and uncertain economic outlooks. In this environment, Commerzbank acted as lead arranger for a syndicated loan provided by a group of top-tier international banks, significantly increasing the facility’s volume. This substantial increase reflects the continued trust in Tonies’ business model as well as enhancing its financial firepower and reducing its cost of funding.

As Tonies’ principal bank, Commerzbank remains at its client’s side – in international cash management, in risk management, and when it comes to structuring and implementing financing and factoring solutions. Since Tonies was founded, its collaboration with Commerzbank has grown steadily. And because Commerzbank’s understanding of their clients’ business models allows them to develop an unparalleled expertise and strong sense of partnership, this collaboration has evolved into a solid relationship based on mutual trust.