Salmon Group, a Philippines-based banking and lending platform built around technology, has raised a further $140m (PHP 8.8bn) as it steps up its expansion in the country.
The financing is made up of two parts. Spice Expeditions, WashU and Moore have committed $90m, and the other $50m comes from bond proceeds. Salmon will use the money to grow its profitable lending lines, namely the Salmon Credit Line and its in-store lending offering. It will also launch new products across the country, including motorcycle loans and lending for micro, small and medium-sized enterprises (MSMEs).
Salmon has been operating for less than four years and has become one of the Philippines’ fastest-expanding technology businesses in that time. It runs its business through two licensed entities. Salmon Bank (Rural Bank) is licensed by the Bangko Sentral ng Pilipinas (BSP), and Salmon Finance is a financing company licensed by the Securities and Exchange Commission (SEC).
Millions of Filipinos now use the group’s services through the Salmon app. The app has been downloaded nine million times, holds a 4.8 rating on both the App Store and Google Play, and keeps 99.9% uptime, with customer support available around the clock. Salmon Finance is the group’s lending arm, and its AI-driven credit engine lets the company serve people with thin credit histories and give lending decisions in a matter of minutes.
Salmon Group is a financial services holding company that uses technology to build a banking and lending platform for Southeast Asia, starting in the Philippines.
Salmon co-founder Pavel Fedorov said, “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.
“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. 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. We are grateful to our existing investors for backing the next stage of our mission.”
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