Fintech firm Salmon partners with companies for loan payments

CONSUMER financial technology (fintech) firm Salmon has partnered with five Philippine companies for easier loan payments, it said on Tuesday.

Salmon has partnered with M Lhuillier Financial Services, Inc., SM stores for their bills payment centers, Union Bank of the Philippines, Inc. (UnionBank), Bank of the Philippine Islands (BPI), and Rizal Commercial Banking Corp. (RCBC), it said in a statement.

“We are delighted to have expanded our partnerships with these esteemed financial institutions, making it very easy and convenient for Salmon customers to make their loan payments in person or online. This step marks another important milestone for Salmon, as we bring transparent and convenient services to ordinary Filipinos across the country,” Salmon Philippines Co-founder and Business Head Raffy Montemayor said.

Under the partnerships, customers can make online payments through UnionBank, BPI, and RCBC.

“Customers can make payments online and will be redirected to a partner bank’s page for login, receiving a one-time password and payment confirmation,” Salmon said.

Online payments may also be made through GCash and Maya Bank.

For in-person payments, customers can generate a reference number or barcode through the Salmon app and use it to pay at 8,570 locations in 7-Eleven and Cebuana Lhuiller stores.

“Salmon added 3,070 new in-person repayment locations, a 56% increase from 5,500 7-Eleven and Cebuana Lhullier stores, already available to customers before the new partnerships were signed,” the company said.

Salmon recently closed a $20-million debt funding round, it said. The funding was led by Argentem Creek Partners, an emerging markets specialist investor.

Fintech Holdings Ltd., operating under the name Salmon, was founded in July 2022 by Pavel Fedorov, George Chesakov, and Mr. Montemayor. — AMCS