Peso Flow Online Lending App Ordered Shut Down by SEC for Posing as an Affiliate of Sofi Financing
PESO FLOW ONLINE LOAN – The Securities and Exchange Commission (SEC) has ordered the online lending platform Peso Flow to stop all of its financing and lending activities after finding that it had been operating without a license while passing itself off as part of a registered financing company.
In a statement released on Tuesday, November 10, the corporate regulator said its Financing and Lending Companies Department (FinLenD) issued a cease-and-desist order dated October 30, 2026, directing the people and entities behind Peso Flow to immediately stop engaging in, promoting or facilitating financing and lending activities, BusinessWorld reported.
Why the SEC Shut Down Peso Flow
The order came after Sofi Financing, Inc., an SEC-registered financing company, filed a formal complaint saying Peso Flow had falsely presented itself as an affiliate and used Sofi’s corporate identity. Sofi Financing denied any connection with Peso Flow and said its official lending platform is Finbro.ph.
Based on FinLenD’s investigation, the SEC found that:
- Peso Flow did not secure a certificate of authority to operate as a financing company, which is required under Republic Act No. 8556, or the Financing Company Act of 1998;
- Peso Flow and its operators were not authorized representatives, agents, third-party service providers or digital channels of Sofi Financing; and
- Using another company’s corporate identity does not give a platform the regulatory authority it needs to lend money to the public.
“[Peso Flow and its representatives] possess no demonstrated regulatory authority of their own, and they derive none from Sofi,” the order read, as quoted by Daily Tribune.
The SEC added that regulatory authority “is personal to the entity upon which it is conferred” and “cannot be borrowed, appropriated, simulated, or manufactured through misrepresentation.”
What the Cease-and-Desist Order Covers
The order applies not only to the platform but also to Peso Flow’s owners, officers, representatives, service providers and everyone acting on its behalf. Under the order, they must:
- Stop offering, promoting or facilitating any financing or lending activity without SEC authority;
- Stop claiming, directly or indirectly, that Peso Flow is owned or operated by, or affiliated with, Sofi Financing; and
- Take down its website, digital platform, mobile applications, social media accounts and other channels used to offer financing services.
According to the Philippine Daily Inquirer, this is not the first online lender stopped by the commission in recent weeks. In late September, the SEC also ordered CredLadder to cease operations over unauthorized lending activities and abusive collection practices.
Reminders for Borrowers Using Online Loan Apps
Before borrowing from any online lending app, it is wise to take a few simple precautions:
- Check the lender’s registration – Financing and lending companies need a certificate of authority from the SEC. You may verify a company and its online lending platforms on the SEC website.
- Confirm the app really belongs to the company – As the Peso Flow case shows, an app may use the name of a registered firm without permission. Check the company’s official channels for its legitimate platform.
- Be careful with your personal data – Avoid giving your IDs, contacts and other personal information to apps you cannot verify.
- Report suspicious lenders – Complaints about unregistered or abusive lending platforms may be brought to the SEC.
Have you ever borrowed from an online loan app? You may also want to read about the slower bank loan growth expected in 2026.
