Challenger bank Tonik acquires paytech firm TendoPay
Through the acquisition, Tonik aims to augment its lending portfolio.
Through the acquisition, Tonik aims to augment its lending portfolio.
Tonik’s Series B equity funding round was led by Japanese banking heavyweight Mizuho Bank.
The challenger wants to extend loan applications to more underbanked Filipinos.
The bank has raised $27m since being founded in 2018.
Tonik was founded as Southeast Asia’s first digital-only bank.
It’s set to be the first of its kind in the country.
The Philippines’ first digital bank selects its new core.