Since the start of 2022, Tonik's Shop Installment Loan has been made available in approximately 70% of Home Along's retail outlets. This strategic move has allowed the bank to enter the realm of in-store consumer financing. The partnership has played a role in Tonik's progression towards full-scale operations and has contributed to the realisation of its goal to improve financial inclusivity among underserved segments.
According to Tonik Bank's founder, the collaboration with Home Along has been mutually beneficial. He noted that this partnership not only improved both of their operational outcomes but also catered to customers seeking better financing options within the market.
Tonik Digital Bank has so far facilitated several loans through Home Along's extensive retail network in Luzon. According to Tonnik, this highlights the bank's commitment to improving in-store financing alternatives. These alternatives are characterised by affordable monthly instalments, minimal prerequisites, and a 15-minute approval process, all available through a single app.
Tonik expressed gratitude for the trust extended by Home Along during its initial stages. Officials from Home Along highlighted the shared goals between the two entities and talked about the positive effect their collaboration could have on customer care. They also expressed optimism about expanding the partnership in the coming years.
Specifically, Tonik and Home Along are focused on strengthening their partnership further, with the aim to achieve 100% store coverage by the end of 2023.
Tonik is a digital-only neobank from the Philippines that offers loan, deposit, and payment products through a secure digital banking platform. The neobank operates under the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP).
Over the years, the bank has garnered support from international investors such as Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik's technology infrastructure is integrated through partnerships with entities such as Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. The bank maintains operational hubs in Singapore Manila, and Chennai.
In December 2022, Tonik Financial entered into an agreement with Tendo Payment Solutions to acquire its Philippine business, operating under the brand name TendoPay. The deal aimed to further cement Tonik's position in digital credit inclusion in the Philippines. Through the acquisition of TendoPay, Tonik augmented its core lending portfolio while integrating payroll-enabled financial services into its operations.
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