{"id":52937,"date":"2022-12-05T07:06:00","date_gmt":"2022-12-04T23:06:00","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=52937"},"modified":"2022-12-03T12:08:23","modified_gmt":"2022-12-03T04:08:23","slug":"tonik-acquires-tendopay-enters-employee-benefits-market","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2022\/12\/05\/tonik-acquires-tendopay-enters-employee-benefits-market\/","title":{"rendered":"Tonik acquires TendoPay, enters employee benefits market"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>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 <a>acquire<\/a> its Philippine business, <a>operating<\/a> under the brand name \u201cTendoPay\u201d.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This deal, which is subject to approval of relevant government authorities, is set to further cement Tonik\u2019s leading position in digital credit inclusion in the Philippines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Through the strategic acquisition of TendoPay, Tonik has now augmented its core lending portfolio while integrating payroll-enabled financial services into its operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTonik\u2019s acquisition of TendoPay is a testament of our passion for accelerating financial and credit inclusion in the Philippines. 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,\u201d said Tonik Founder and CEO Greg Krasnov.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Launched in 2019, TendoPay has established itself as the leading one-stop shop for employees\u2019 financial wellness needs. It has partnered with over 200 companies and has developed a channel network covering over 500 brands and e-commerce sites.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Payroll-enabled financial services are a rapidly growing credit mechanism globally, though still relatively new in the Philippines. &nbsp;Payroll connectivity enables accessible and multi-use credit to salaried workers through partner companies, which helps in increasing employee engagement and retention.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe at Tendo share Tonik\u2019s commitment in driving financial inclusion since its trailblazing start in 2020. We are confident that this partnership will not only be mutually beneficial for both companies, but also in creating further value for Filipinos and their perspective towards financial services,\u201d said Tendo CEO Kacper Marcinkowski.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This deal, which is subject to approval of relevant government authorities, is set to further cement Tonik\u2019s leading position in digital credit inclusion in the Philippines.<\/p>\n","protected":false},"author":6,"featured_media":52938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[96,2727,1656,7201],"class_list":["post-52937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-technology","tag-technology-adaption","tag-technology-investment","tag-tonik"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/52937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=52937"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/52937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/52938"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=52937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=52937"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=52937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}