Tonik Financial Pte. Ltd. (Tonik), the parent company of Tonik Digital Bank Inc. in the Philippines, has entered into a landmark agreement with Tendo Payment Solutions Pte. Ltd. (Tendo) to acquire its Philippine business, operating under the brand name “TendoPay.”
Through the acquisition of TendoPay, Tonik has now augmented its core lending portfolio while integrating payroll-enabled financial services into its operations. This deal is still subject to the approval of relevant government authorities.
“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, Tonik.
Launched in 2019, TendoPay has established itself as the leading one-stop shop for employees’ financial wellness needs. It has partnered with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.
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 Kacper Marcinkowski, CEO, Tendo.