Tonik Monetary Pte. Ltd. (Tonik), the dad or mum firm of Tonik Digital Financial institution, Inc. within the Philippines, has entered right into a landmark settlement with Tendo Cost Options Pte. Ltd. (Tendo) to accumulate its Philippine enterprise, working below the model title “TendoPay”.
By means of the strategic acquisition of TendoPay, Tonik has now augmented its core lending portfolio whereas integrating payroll-enabled monetary providers into its operations.
“Tonik’s acquisition of TendoPay is a testomony of our ardour for accelerating monetary and credit score inclusion within the Philippines. By delivering mass-market digital credit score merchandise which can be accessible, inexpensive, and easy-to-use, Tonik will broaden the methods wherein it helps Filipinos handle their monetary future,” mentioned Tonik Founder and CEO Greg Krasnov.
Launched in 2019, TendoPay has established itself because the main one-stop store for workers’ monetary wellness wants. It has partnered with over 200 firms and has developed a channel community protecting over 500 manufacturers and e-commerce websites.
Payroll-enabled monetary providers are a quickly rising credit score mechanism globally, although nonetheless comparatively new within the Philippines. Payroll connectivity allows accessible and multi-use credit score to salaried employees by way of accomplice firms, which helps in growing worker engagement and retention.
TendoPay provides a broad digital suite of monetary providers resembling its 0% curiosity buying mortgage, emergency money mortgage, private finance administration software, digital card, pay as you go medical insurance playing cards, and a rewards program.
“We at Tendo share Tonik’s dedication in driving monetary inclusion since its trailblazing begin in 2020. We’re assured that this partnership won’t solely be mutually useful for each firms, but additionally in creating additional worth for Filipinos and their perspective in the direction of monetary providers,” mentioned Tendo CEO Kacper Marcinkowski.