Tonik Financial acquires PH business of Tendo Payment Solutions
Tonik Financial Pte. Ltd. is acquiring a financial technology (fintech) platform providing financial services to company employees in a bid to expand its portfolio.
In a statement on Friday, the parent company of Tonik Digital Bank Inc. said it had entered into an agreement with Tendo Payment Solutions Pte. Ltd. to buy its local business operating under the name of “TendoPay.”
The deal is still subject to the approval of relevant regulators.
“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,” Tonik founder and CEO Greg Krasnov said.
TendoPay is a payroll-enabled financial service providing automated savings, financial management, bills payment and premium insurance, among others.
“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.
Tonik is the first digital-only bank in the country. It offers loan, deposit and payment products.
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