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.
