The new deal allows Tonik to strengthen its core lending business. Credit: Tonik Digital Bank, Inc.

Singapore-based Tonik Financial has reached a deal to purchase TendoPay, a payroll-enabled financial solutions provider, for an undisclosed sum.

TendoPay is a unit of Tendo Payment Solutions and has operations in the Philippines.

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The 2019-launched firm has tie-ups with more than 200 firms in addition to a network of over 500 brands and e-commerce platforms.

It provides various financial services, including purchasing loan at zero interest, emergency cash loan, personal finance management solution, virtual card, prepaid health insurance cards, among others.

The new deal allows Tonik to strengthen its core lending business and incorporate payroll-enabled financial services into its fold.

The acquisition, which awaits approval from government agencies, also helps Tonik to further facilitate digital credit inclusion across the Philippines.

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Tonik founder and CEO Greg Krasnov said: “Tonik’s 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.”

Despite the growth of payroll-enabled financial services across the globe, the sector has seen a late entry into the Philippines, according to Tonik.

Payroll connectivity can offer multi-use credit to salaried employees via partner firms, paving way for further engagement and retention of workers.

In July 2020, Tonik chose Mastercard as its payments partner ahead of its launch in the Philippines.

Tendo CEO Kacper Marcinkowski said: “We at Tendo share Tonik’s commitment in driving financial inclusion since its trailblasing 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.”