Salmon, a thriving consumer FinTech start-up based in the Philippines, has set a new funding record in the country’s technology sector.
The company recently secured a $20m debt facility from the US-based investment firm Argentem Creek Partners, focusing on emerging markets. This fresh injection of capital enables Salmon to scale its lending operations across the Philippines further.
Founded less than a year ago in July 2022, Salmon has been at the forefront of the financial technology revolution in Southeast Asia. The firm leverages its existing point-of-sale and cash loan lending and plans to launch new disruptive products in the latter half of 2023.
Salmon, spearheaded by FinTech and financial services veterans Pavel Fedorov, George Chesakov and Raffy Montemayor, has seen rapid expansion since its inception. The company launched its first credit product merely four months after its establishment and has continued to introduce new products every three months.
The funding received will be used to bolster Salmon’s loan book and expand its lending capabilities. The support from Argentem Creek Partners also sets the stage for the introduction of new products and services aimed at disrupting the traditional lending landscape.
Further reinforcing its foothold in the industry, Salmon set a new benchmark with the recent transaction, becoming the recipient of the largest ever debt financing for a Series A tech company in the Philippines. The deal positions Salmon as one of Southeast Asia’s fastest-growing FinTech companies.
Salmon co-founder Raffy Montemayor expressed his gratitude towards the investors and Argentem Creek’s support, “We are tremendously humbled by the strong investor interest, as well as Argentem Creek’s support for Salmon’s vision…”
Argentem Creek Partners President and Co-CIO Maarten Terlouw also commented, “Argentem Creek Partners is delighted to deliver an important component of Salmon’s capital structure…”
Argentem Creek Partners’ CEO and Founder Daniel Chapman added, “Consumer lending is one of the fastest growing segments in Southeast Asia…”
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