Tendopay's got some news! This Philippine startup is getting acquired by Philippine neobank Tonik. TendoPay's a payroll-based fintech that's a one-stop shop for employees' financial wellness needs.

• Wait a minute. They're still waiting for relevant government authorities to give their go signal.
• How much? The value of the deal is hush-hush for now.

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🧐 Who's the buyer?

It's Tonik! They're the first Philippine neobank, and their parent company, Tonik Financial, raised a $131M Series B early this year. So yeah, they've got a ton of cash to spend.

• Founded in 2018, they offer savings accounts, debit cards and multiple types of loans.

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😉 Love me Tendo

Tendo was founded in 2019 and serves 200+ companies, as well as 500+ brands and e-commerce sites.

• Iterative invested in their seed round in 2020. Europe's Unknown Group also previously invested in the startup.

For employees. They're a one-stop shop for employees' financial wellness needs. Get tons of financial products to help you save, manage and spend your money!

Access prepaid insurance cards, money management tools, automated savings tools connected with your bank account, virtual cards, easy in-app bill payments, emergency loans and BNPL services.

• Any repayments needed will be automatically deducted from your salary!

For businesses. Start offering BNPL as a payment option for your products!

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🤷🏻‍♀️ So, why the buy?

This allows Tonik to enter the Philippine employee services market quickly. Plus, it helps them further their goal to offer mass-market credit and financial products that are accessible, affordable and easy to use — allowing Filipinos to manage their financial futures.

• Moving fast. Tonik has integrated TendoPay's payroll-enabled financial services into their own offerings and augmented their core lending portfolio too.