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Salmon brings ‘Auto-Debit’ to boost payment convenience in the Philippines

By Gloria Mathias

July 03, 2024

  • 20million
  • A Thrift bank
  • AllBank
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Salmon, FinTech, Series A Funding, 20million, Argentem Creek Partners, Consumer Lending, Credit Line, QR Code, Merchant payments, A Thrift bank, AllBank, QR Ph Payment Method, Philippines, Payments Technology, Payments News, APAC Fintech, Fintech News, ECPay Fintech News, Fintech Solutions, IFC, International Finance Corporation, Fintech solutions Philippines, Auto debit feature, Realtime Payments, Philippines, Salmon Group (Salmon), the financial technology company dedicated to improving access to credit, savings, and investments for over 500 million underserved customers in Southeast Asia, has announced the launch of an auto-debit feature for its credit products in the Philippines.

The auto-debit feature allows customers to directly link their Gcash, Maya, Unionbank or BPI accounts to the Salmon app. This functionality will notify customers prior to their due date about the upcoming payments and will automatically process payments on the due date. From customers’ perspectives, it will simplify the payment process as it will no longer require logging in and switching applications, with the payments made automatically on the due date. Customers will receive push or SMS notifications confirming their successful payments.

With the expanding range of partner banks, Salmon will work on establishing the new feature as the new standard for easy and convenient payments for its customers.

“Salmon is committed to changing the direction of finance, making it easy, simple and convenient. As a part of this, we are thrilled to introduce the auto-debit feature to our valued customers. In today’s fast-paced world, convenience is not just important; it’s a necessity. Auto-debit enhances our customers’ experience by simplifying the repayment process and ensuring timely payments without the hassle of manual interventions,” stated Raffy Montemayor, Co-Founder of Salmon and Chairman of the Rural Bank of Sta. Rosa (Laguna), Inc.

Recently, the International Finance Corporation (IFC), a member of the World Bank Group, invested $7 million in Salmon. IFC joined this $25 million Series A extension round (Series A-1) as a lead investor alongside Northstar Group, a Singapore-headquartered private equity and venture capital fund manager and other local and international investors.

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