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March 05, 2024

Tonik teams up with Xendit to increase payment options

Tonik Digital Bank, the Philippines’ pioneering digital-only neobank, signed a partnership agreement with Southeast Asian payment gateway Xendit to provide secure, convenient, and customer-centric financial solutions.

The collaboration with Xendit will enhance Tonik’s ecosystem, offering customers new and convenient channels for managing their Tonik accounts.

Starting February, Tonik customers will be able to cash in from their BPI, UnionBank, and GCash accounts, as well as through new cash-in channels from banks such as RCBC and Chinabank. By March, Tonik customers will gain access to over-the-counter channels like 7-Eleven, Cebuana Lhuillier, M. Lhuillier, SM Payments, Palawan Express, and LBC, with upcoming cash-in channels from e-wallets like Maya and GrabPay.

“At Tonik, we are committed to providing our customers with the best possible digital banking experience. Our collaboration with Xendit is a significant step towards achieving this goal. By expanding our payment options and enhancing our ecosystem, we aim to empower Filipinos to take control of their finances with ease and confidence,” said Tonik founder and CEO Greg Krasnov.

“Xendit has emerged as one of the leading payment gateways in the country and the region—proving that they’re the best in class, tried and tested. That’s why our sister company, TendoPay, among other prominent companies, works with them too. We’re excited to partner with a fellow fintech start-up that has the same grit as Tonik to succeed,” Tonik Group chief financial officer Todd Esposito said.

“We are excited to democratize world-class payment experiences for everyday Filipinos. Guided by the highest industry standards, we construct infrastructure for the everyday products that consumers use. People availing loans from Tonik should encounter the same quality and scalability of services as those in Western markets or anywhere else in the world,” said Xendit chief innovation officer Yang Yang Zhang.

Xendit is a unicorn fintech startup specializing in simplifying payment complexities. With a robust platform offering secure and efficient payment processing, Xendit has become a key player in Southeast Asia, constructing seamless digital infrastructure for businesses across the Philippines, Indonesia, Malaysia, Thailand, and Vietnam.

Tonik provides loan, deposit, and payment products on a highly secure digital banking platform. Operating under the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP), Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. Backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank, Tonik’s tech stack is integrated in partnership with world-class banktech vendors, including Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. Tonik operates from hubs in Singapore (HQ), Manila, and Chennai.