Tonik acquires TendoPay to enter the employee benefits market

TendoPay's current digital credit products and services include a 0% interest purchasing plan, an emergency cash loan, a personal finance management tool, a virtual card, prepaid health insurance cards and a rewards programme

Tonik Digital Bank has acquired TendoPay in the Philippines. 

The fintech, which has delivered a range of digital credit products and services to salaried workers at more than 200 companies, is the Philippine business of Tendo Payment Solutions. 

Launched in 2019, TendoPay’s current digital credit products and services include a 0% interest purchasing plan, an emergency cash loan, a personal finance management tool, a virtual card, prepaid health insurance cards and a rewards programme. 

The acquisition is Tonik’s first in payroll-enabled financial services. The Southeast Asia-based digital bank was attracted to the possibility of “accelerating financial and credit inclusion in the Philippines”, according to founder and chief executive officer Greg Krasnov. 

Krasnov said: “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.” 

Tendo chief executive officer Kacper Marcinkowski added: “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.” 

Image: Tonik

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.