[Philippines] Neobank Tonik acquires fintech TendoPay

The Philippines’ first neobank, Tonik, has agreed to acquire TendoPay; a provider of payroll-enabled financial solutions, The Fintech Times reports.

The acquisition is reportedly intended to augment Tonik’s core lending portfolio while integrating payroll-enabled financial services into its operations.

Greg Krasnov - Tonik founder and CEO - said the deal is a testament to Tonik’s “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,” Mr Krasnov said.

TendoPay is a one-stop shop for employees’ financial wellness needs, with services including a zero per cent interest purchasing loan, emergency cash loan, personal finance management tool, virtual card and prepaid health insurance cards, as well as a rewards programme.

It has reportedly partnered with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.

Tendo CEO Kacper Marcinkowski said, “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.”

The deal is reportedly subject to the approval of relevant government authorities.

Source: The Fintech Times

(Quotes via original reporting)

The Philippines’ first neobank, Tonik, has agreed to acquire TendoPay; a provider of payroll-enabled financial solutions, The Fintech Times reports.

The acquisition is reportedly intended to augment Tonik’s core lending portfolio while integrating payroll-enabled financial services into its operations.

Greg Krasnov - Tonik founder and CEO - said the deal is a testament to Tonik’s “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,” Mr Krasnov said.

TendoPay is a one-stop shop for employees’ financial wellness needs, with services including a zero per cent interest purchasing loan, emergency cash loan, personal finance management tool, virtual card and prepaid health insurance cards, as well as a rewards programme.

It has reportedly partnered with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.

Tendo CEO Kacper Marcinkowski said, “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.”

The deal is reportedly subject to the approval of relevant government authorities.

Source: The Fintech Times

(Quotes via original reporting)