Tonik Set to Offer Payroll-Enabled Financial Services With TendoPay Acquisitionby Fintech News Philippines December 5, 2022
Tonik Financial, the parent company of digital bank Tonik, announced that it has inked an agreement to acquire the Philippines’ business of fintech firm Tendo Payment Solutions for an undisclosed sum.
The deal is subject to the approval of relevant government authorities.
Through this acquisition, Tonik is looking to augment its core lending portfolio while integrating payroll-enabled financial services into its operations.
Launched in 2019, TendoPay focuses on payroll-enabled financial services and has partnered with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.
TendoPay offers a broad digital suite of financial services such as its 0% interest purchasing loan, emergency cash loan, personal finance management tool, virtual card, prepaid health insurance cards, and a rewards programme.
“Tonik’s acquisition of TendoPay is a testament of our passion for accelerating financial and credit inclusion in the Philippines.
By delivering mass-market digital credit products that are accessible, affordable, and easy-to-use, Tonik will expand the ways in which it helps Filipinos manage their financial future,”
said Greg Krasnov, Founder and CEO of Tonik.
“We at Tendo share Tonik’s commitment in driving financial inclusion since its trailblazing start in 2020.
We are confident that this partnership will not only be mutually beneficial for both companies, but also in creating further value for Filipinos and their perspective towards financial services,”
said Kacper Marcinkowski, CEO of Tendo.