Tonik Financial Pte. Ltd (Tonik) has announced that it entered into a landmark agreement with Tendo Payment Solutions Pte. Ltd. (Tendo) to acquire its Philippine business that is operating under the brand name TendoPay.
In a statement, Tonik, the parent company of Tonik Digital Bank, Inc. in the Philippines, said their recent acquisition is set to further cement their position as a leader in digital credit inclusion in the Philippines.
However, the purchase agreement is still subject to the approval of concerned government agencies.
Tonik’s acquisition of TendoPay, has 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 Greg Krasnov,Tonik Founder and Chief Executive Officer.
Since its official launch in 2019, TendoPay has established itself as the leading one-stop shop for employees’ financial wellness needs. It has so far partnered with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.
Although it is still relatively new in the Philippines, payroll-enabled financial services are a rapidly growing credit mechanism globally.
Payroll connectivity enables accessible and multi-use credit to salaried workers through partner companies. This helps in increasing employee engagement and retention.
TendoPay offers a wide range of digital suite of financial services that include its zero percent interest purchasing loan, emergency cash loan, personal finance management tool, virtual card, prepaid health insurance cards, and a rewards program.
Kacper Marcinkowski, Tendo’s Chief Executive Officer, said that they share Tonik’s commitment in driving financial inclusion since their trailblazing start in 2020.
He also expressed confidence that the partnership will be mutually beneficial for the two companies. At the same time, it will help create further value for Filipinos and improve their perspective on financial services.
Tonik is the first digital-only neobank in the Philippines that offers loan, deposit, and payment products to consumers on a highly secure digital banking platform. As a neobank, its operation is licensed by the Bangko Sentral ng Pilipinas (BSP).
The firm’s operation is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. It is also backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank while its tech stack is integrated in partnership with banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.