Fintech startup Salmon announced that it has launched its first offering in the Philippines which is a point-of-sale (POS) loan product.
Filipinos will be able to shop for a variety of home products while deferring payment for their purchases over several monthly installments.
According to Salmon, it has over 30 major outlets as partner merchants who will receive the entirety of their sale proceeds upfront.
Salmon provides its merchants with a dedicated portal that it had developed to assist them in monitoring and managing their sales.
Based in the Philippines, the company was founded in July 2022 by Russian digital bank Tinkoff’s former executives Pavel Fedorov, George Chesakov, and Raffy Montemayor. Salmon secured a US$16 million Series A funding round in October last year.
Regulated by the Securities and Exchange Commission, Salmon said that it currently has more than two thousand customers.
Salmon added that it intends to expand its range of financial services to include from savings, payments and more in the Philippines and across Southeast Asia in the future.
“Salmon allows shoppers to buy products they need with the flexibility of paying in installments thus avoiding the complicated process of applying for a credit card or going to often extraordinarily expensive pay-day lenders.
This makes a lot of sense to millennials and GenZ 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.”
said Raffy Montemayor, Co-founder of Salmon.
