Tonik acquires TendoPay to expand its core lending portfolio
By Leandra Monteiro
Tonik 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.
IBSi Daily News Analysis
December 06, 2023
Most Britons think big banks prioritize profits over helping savers, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage