Tonik Financial to Acquire TendoPay

Tonik Financial has entered into an agreement with Tendo Payment Solutions 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 position in digital credit inclusion in the Philippines. Launched in 2019, TendoPay is a one-stop shop for employees' financial wellness needs.

Through the acquisition of TendoPay, Tonik has now augmented its core lending portfolio while integrating payroll-enabled financial services into its operations.

Payroll-enabled financial services are a growing credit mechanism globally, though still relatively new in the Philippines. Payroll connectivity enables accessible and multi-use credit to salaried workers through partner companies, which helps in increasing employee engagement and retention.

Without the need of multiple ACH transfers, there's an overall cost and time savings with funds being kept in this closed loop framework.

(Source: The Paypers)