New consumer lending fintech Salmon launches in the Philippines
New fintech start-up Salmon has gone live in the Philippines with its first product offering, a point-of-sale (POS) lending service.
Salmon is a new consumer lending fintech start-up
The product will enable Filipinos, including underbanked and unbanked customers, to defer payment and spread the cost of their purchases over several monthly instalments.
Salmon says it has partnered with over 30 merchants who will benefit from receiving the entire sales proceeds upfront. Merchant partners will also have access to a portal developed by Salmon to manage and monitor their sales.
Founded in July 2022 by banking and IT veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon intends to expand its product offerings and presence across Southeast Asia.
Montemayor says the firm’s product “makes a lot of sense to millennials and Gen Z consumers, who do not have the time or patience to go through all the intricacies of obtaining and using credit cards and other products of the legacy financial industry”.
Montemayor claims that in its first few months, Salmon has seen “several thousand” applications.
“Solving the problem of lending first will enable us to deliver various other kinds of user-friendly financial products from savings to payments, giving our customers the opportunity of greater financial inclusion. This is our goal for the coming year,” Montemayor adds.
