Salmon operates a licensed rural bank in the Philippines, utilizing AI-driven technology and a proprietary credit engine to provide consumer loans through its mobile app. The platform offers flexible financing options, including Salmon Credit and Salmon Financing, addressing the need for accessible credit solutions for Filipino consumers across over 2,000 retail locations.
Funding
$91M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many Filipino consumers lack access to formal credit, particularly for point-of-sale purchases, limiting their ability to acquire essential goods and services. Traditional lending processes can be cumbersome and slow, creating barriers for individuals seeking immediate financing solutions.
Solution
Salmon operates a licensed rural bank in the Philippines, providing AI-driven consumer loans through its mobile app and a network of over 2,000 retail locations. The platform offers Salmon Financing, a buy now, pay later product that allows customers to purchase items in-store and pay in monthly installments. Salmon leverages a proprietary credit engine and biometric security measures, including face scans and two-step verification, to provide accessible and secure financing options. Loan repayment is streamlined through various channels, including e-wallets, over-the-counter services, and online banking.
Target Audience
The primary target audience is Filipino consumers, aged 18 and above, with a steady income, seeking accessible credit solutions for retail purchases.
Features
- Salmon Financing: Buy now, pay later option for in-store purchases at partner retail locations
- Mobile app for loan application, management, and repayment
- AI-powered credit scoring for instant loan approval
- Biometric security features, including face scans and two-step verification
- Multiple repayment channels: QR Ph, e-wallets (GCash and Maya), over-the-counter services (7-Eleven, Cebuana Lhuillier, SM Bills Payments, and MLhuillier), and online banking (UnionBank, RCBC, BDO, and BPI)
- Customer support via Messenger