back Back

Tonik acquires TendoPay to expand its core lending portfolio

By Leandra Monteiro

December 05, 2022

  • Digital Lending
  • Employee Benefits
  • Loan Management
Share

Tonik, TendoPayTonik Financial Pte. Ltd., the parent company of Tonik Digital Bank, Inc. in the Philippines, has entered into a landmark agreement with Tendo Payment Solutions Pte. Ltd. to acquire its Philippine business, operating under the brand name TendoPay.

This deal, which is subject to approval of relevant government authorities, is set to further cement Tonik’s leading position in digital credit inclusion in the Philippines.

Through the strategic acquisition of TendoPay, Tonik has now augmented its core lending portfolio while integrating payroll-enabled financial services into its operations.

“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 Tonik, Founder and CEO, Greg Krasnov.

Payroll-enabled financial services are a rapidly growing credit mechanism globally, though still relatively new in the Philippines. Payroll connectivity enables accessible and multi-use credit to salaried workers through partner companies, which helps in increasing employee engagement and retention.

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 program.

“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 Tendo, CEO, Kacper Marcinkowski.

Previous Article

December 05, 2022

Finaro, Ginger Payments partner to expand PSP services in the Nordics

Read More
Next Article

December 05, 2022

3 African InsurTech companies to watch out for in 2023

Read More










IBSi Daily News Analysis

February 03, 2023

Digital Lending

Quick and easy payments are becoming increasingly crucial for iGaming

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 03, 2023

Egyptian FinTech MNT-Halan becomes unicorn with $400m fresh funding

Read More

February 03, 2023

Lulalend secures $35m in Series B

Read More

February 03, 2023

6 FinTech tweets you should see!

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q4 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q4 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q4 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q4 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022