Philippine digibank Tonik to acquire B2B fintech firm TendoPay

Singapore-headquartered Tonik, a neobank operating in the Philippines, has agreed to acquire Tendo Payment Solutions’ business in the latter country, TendoPay.

The deal is subject to the approval of relevant government authorities.

Tonik founder and CEO Greg Krasnov / Photo credit: Tonik

Launched in 2019, TendoPay helps companies provide payroll-enabled financial solutions to its employees. Its services include buy now, pay later, emergency cash loans, personal finance tools, virtual cards, prepaid insurance cards, and reward programs.

The fintech firm currently provides its services to over 200 companies, as well as to more than 500 brands and ecommerce sites.

TendoPay was established by Kacper Marcinkowski, Jan Walczak, Kamil Charazka, and Timothée Grassin. It was part of Iterative’s first cohort in 2020.

In a statement, Tonik said that it has integrated TendoPay’s solutions into its services.

See also: Banking on a digital remedy in the Philippines

Founded by Greg Krasnov in 2018, Tonik is one of the six digibank licensees in the Philippines. In February this year, it raised US$131 million in a series B funding round led by Mizuho Bank.