Singapore-headquartered Tonik, a neobank operating in the Philippines, has agreed to acquire Tendo Payment Solutions’ business in the latter country, TendoPay.

The deal is subject to the approval of relevant government authorities.

Singapore-headquartered Tonik, a neobank operating in the Philippines, has agreed to acquire Tendo Payment Solutions’ business in the latter country, TendoPay.

The deal is subject to the approval of relevant government authorities.

TendoPay was established by Kacper Marcinkowski, Jan Walczak, Kamil Charazka, and Timothée Grassin. It was part of Iterative’s first cohort in 2020.

In a statement, Tonik said that it has integrated TendoPay’s solutions into its services.

Founded by Greg Krasnov in 2018, Tonik is one of the six digibank licensees in the Philippines. In February this year, it raised US$131 million in a series B funding round led by Mizuho Bank.

SOURCE: techinasia.com