Salmon Group Closes $140 Million Financing Round to Expand Philippines Lending and Add New Products
Salmon Group Closes $140 Million Financing Round to Expand Philippines Lending and Add New Products #
Philippines-based fintech Salmon Group has raised $140 million in combined equity and debt financing, its largest capital raise since founding and the second in six months, as the company expands consumer and small-business lending in the country.
The round includes $90 million in equity from Spice Expeditions, Washington University Investment Management Company and Moore, plus $50 million from a public bond issuance, according to the company. Proceeds will go toward expanding Salmon’s two existing profitable business lines, its revolving Salmon Credit Line and in-store point-of-sale financing, and toward launching two new lending categories: motorcycle loans and credit for micro, small and medium enterprises.
Salmon was founded in July 2022 by Pavel Fedorov, George Chesakov and Raffy Montemayor, all alumni of Russian digital bank Tinkoff. The company operates a BSP-licensed rural bank, Salmon Bank (Rural Bank) Inc., and an SEC-licensed financing company, Salmon Finance Inc. Customers access its products through the Salmon app, which has been downloaded nine million times and holds a 4.8 rating on both the Apple App Store and Google Play Store. Salmon Finance uses an AI-powered credit engine for underwriting decisions.
Co-founder Fedorov described the fundraise as a deliberate focus on the Philippines rather than regional expansion. “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,” he said.
The expansion into motorcycle and MSME lending adds collateral-backed and income-generating products to Salmon’s lineup, which has focused mainly on unsecured consumer credit. Motorcycles are a primary mode of transport and livelihood tool for millions of Filipinos, and motorcycle finance has historically been underserved. MSME lending targets small businesses that have had limited access to formal credit from traditional banks.
Salmon has built its business around Filipinos with limited access to conventional banking. With total funding now above $286 million, the company has said it plans to build scale in the Philippines before expanding to other markets, in contrast to the faster multi-market approaches taken by some regional competitors.
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