Challenger bank Tonik acquires paytech firm TendoPay
Singapore’s Tonik Financial, the parent company of the Philippines’ first digital-only neobank Tonik, has signed an agreement to acquire paytech firm TendoPay for an undisclosed amount.
Tonik acquires TendoPay
Through the acquisition, Tonik aims to augment its lending portfolio and integrate payroll-enabled financial services into its operations.
Launched in 2019, TendoPay offers services including virtual cards, prepaid health insurance cards, 0% interest purchasing loans, emergency cash loans, a personal finance management tool and a rewards programme.
It claims to have partnered with over 200 companies and has developed a network of over 500 brands and e-commerce sites.
“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,” says Tonik founder and CEO Greg Krasnov.
Founded in 2018, Tonik is the first neobank to have secured a digital bank licence from the Bangko Sentral ng Pilipinas (BSP). Through its platform, it provides loan, deposit and payment products to consumers.
In February this year, Tonik raised $131 million in a Series B funding round. The firm is backed by investors including Sequoia India, Point72 Ventures and Mizuho Bank.
