Tonik Financial, the Singapore-based parent company of Tonik Bank in the Philippines, has agreed to acquire TendoPay, the local fintech business of Tendo Payment Solutions Pte Ltd (Tendo).
The announcement did not disclose the financial details of the acquisition but said it will further cement Tonik’s position in digital credit inclusion in the Philippines.
TendoPay, launched in 2019, has established itself as a one-stop shop for employees’ financial wellness needs. Its broad digital suite of financial services include 0% interest purchasing loan, emergency cash loan, virtual card, personal finance management tool, prepaid health insurance cards, and rewards program.
TendoPay said it has partnered with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.
The strategic acquisition augments Tonik’s core lending portfolio while integrating payroll-enabled financial services into its operations. It also underscores Tonik’s “passion for accelerating financial and credit inclusion in the Philippines, according to Tonik founder and CEO Greg Krasnov.
“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,” Krasnov added.
Tendo CEO Kacper Marcinkowski expressed confidence that the partnership with Tonik will not only be mutually beneficial for both companies but also create further value for Filipinos and their perspective towards financial services.
The deal comes less than a year after Tonik closed a $131-million Series B funding round led by Mizuho Bank.
The round was also backed by Prosus Ventures (formerly Naspers Ventures), the co-founder of DST Partners Rahul Mehta, as well as a Singapore investment fund Sixteenth Street Capital and Indonesian family office Nuri Group.
Launched in March 2021, Tonik has set new bank growth records in the Philippines by reaching $20 million and $100 million of consumer deposits within the first and eighth months of operation, respectively