Business News | Salmon Secures $140 Million (Php 8.8 Billion) to Double Down on the Growth Opportunity in the Philippines
Get latest articles and stories on Business at LatestLY. Manila [Philippines], October 19: Salmon Group, a technology-driven banking and lending platform in the Philippines, today announces that it secured additional $140 million of financing to continue its growth in the Philippines. $90 million financing committed by Spice Expeditions, WashU and Moore and $50 million of bond proceeds to fund the scaling of profitable lending and launches of new products.
PRNewswire
Manila [Philippines], October 19: Salmon Group, a technology-driven banking and lending platform in the Philippines, today announces that it secured additional $140 million of financing to continue its growth in the Philippines. $90 million financing committed by Spice Expeditions, WashU and Moore and $50 million of bond proceeds to fund the scaling of profitable lending and launches of new products.
Proceeds from the financing round will fund the scaling of profitable lending (Salmon Credit Line and in-store lending) and nationwide roll-out of new products, including motorcycle and MSME lending.
In less than four years of operations, Salmon has become one of the fastest-growing technology companies in the Philippines, operating through a BSP-licensed bank, Salmon Bank (Rural Bank) and an SEC-licensed financing company, Salmon Finance.
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Today, the companies in Salmon Group serve millions of Filipinos through its Salmon app – one of the highest rated financial services apps in the Philippines with 9 million downloads, 4.8 rating on App Store and Google Play, 99.9% uptime, and dedicated 24/7 customer support. Through the AI-powered credit engine of Salmon Finance, the group's financing arm, Salmon is able to serve customers with limited credit history and provide credit 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," said Pavel Fedorov, co-founder of Salmon. "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."
ABOUT SALMON
Salmon Group is a technology-driven financial services holding company building a banking and lending platform across Southeast Asia, starting with the Philippines. The Group operates a BSP-licensed bank, Salmon Bank (Rural Bank) Inc.; an SEC-licensed financing company, Salmon Finance Inc.; and a growing suite of financial products – all delivered through the Salmon app, a modern money app built for everyday Filipinos. Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon is backed by leading US venture investors, IFC (World Bank Group), ADQ/Lunate, Antler as well as prominent Filipino investors. The Salmon app is rated 4.8 in both the App Store and Google Play, one of the highest ratings for a financial services app in the Philippines.
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