Tonik Financial, the parent company of the Philippines’ first neobank Tonik Digital Bank, has agreed to acquire the Philippine business of fintech firm Tendo Payment Solutions Pte Ltd (Tendo) for an undisclosed amount.
The deal involves TendoPay, which has established itself as a one-stop shop for employees’ financial wellness needs since its launch in 2019. Its services include 0% interest purchasing loans, emergency cash loans, personal finance management tools, virtual cards, prepaid health insurance cards, and rewards programmes.
