Tonik, the Philippines’ first neobank, has agreed to acquire TendoPay – a business providing companies with payroll-enabled financial solutions.
Through the acquisition, Tonik has augmented its core lending portfolio while integrating payroll-enabled financial services into its operations.
According to Greg Krasnov, Tonik founder and CEO, the deal is a testament of its “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.”
TendoPay is a one-stop shop for employees’ financial wellness needs. Its services include a zero per cent interest purchasing loan, emergency cash loan, personal finance management tool, virtual card, prepaid health insurance cards, as well as a rewards programme.
It has partnered with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.
“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.
The deal is subject to approval of relevant government authorities.
