Tonik acquires TendoPay, enters employee benefits market
Tonik Financial Pte. Ltd. (Tonik), the parent company of Tonik Digital Bank, Inc. in the Philippines, has entered into a landmark agreement with Tendo Payment Solutions Pte. Ltd. (Tendo) to acquire its Philippine business, operating under the brand name “TendoPay”.
This deal, which is subject to approval of relevant government authorities, is set to further cement Tonik’s leading position in digital credit inclusion in the Philippines.
Through the strategic acquisition of TendoPay, Tonik has now augmented its core lending portfolio while integrating payroll-enabled financial services into its operations.
TendoPay offers a broad digital suite of financial services such as its 0% interest purchasing loan, emergency cash loan, personal finance management tool, virtual card, prepaid health insurance cards, and a rewards program.
Source : tonik