Salmon Group has secured an additional $140 million in financing to expand its lending operations and introduce new credit products, as it seeks to reach more underserved borrowers across the country.
The fresh funding will support the expansion of its Salmon Credit Line and in-store lending services, alongside a nationwide rollout of motorcycle and micro, small and medium enterprise (MSME) loans.
“We are doubling down on the opportunity in the Philippines as we believe deeply in its scale and in the importance of focus to deliver a differentiated execution,” Salmon co-founder Pavel Fedorov said in a statement.
“This financing lets us do more: extend banking and credit access to more Filipinos, roll out new products, and keep raising the bar for the financial services industry in the country.”
Salmon operates through Bangko Sentral ng Pilipinas-licensed Salmon Bank (Rural Bank) and Securities and Exchange Commission-licensed Salmon Finance, its lending arm.
Founded in July 2022 by Fedorov, George Chesakov and Raffy Montemayor, the group has expanded its digital financial services platform to include consumer lending and banking products.
Its Salmon app has recorded nine million downloads and holds a 4.8 rating on both the Apple App Store and Google Play, according to the company.
Salmon Finance uses artificial intelligence to assess borrowers, including those with limited credit histories, and deliver lending decisions within minutes.
“Everyday financial services come with unnecessary friction for many Filipinos. We’re removing these barriers and building innovative products with the reliability and security customers expect in today’s world,” Fedorov said.
Salmon is backed by investors including the International Finance Corp., a member of the World Bank Group, ADQ/Lunate, Antler, U.S. venture capital investors and Filipino investors.
The company did not disclose the financing structure or identify the participants in the latest funding round.
