Salmon secures US$140 million to expand Philippine lending
The fintech firm plans a nationwide rollout of motorcycle and MSME loans, alongside expansion of its existing credit services.
Salmon Group said it had secured US$140 million (about ₱8.8 billion) in new financing for a Philippine expansion covering existing lending services and new loan products.
Bond proceeds contributed US$50 million to the financing package. The remaining US$90 million comprises commitments by Spice Expeditions, WashU and Moore, according to the financial technology firm.
Planned uses include expanding the Salmon Credit Line and its in-store lending business. Salmon also intends to introduce motorcycle loans nationwide, together with financing aimed at micro, small and medium enterprises.
Pavel Fedorov, Salmon's co-founder, said the financing would extend the company's reach among underserved Filipinos and help strengthen its position in Philippine financial services.
The group was founded in July 2022. Its two regulated businesses are Salmon Bank (Rural Bank) Inc., licensed by the Bangko Sentral ng Pilipinas, and Salmon Finance Inc., whose financing company licence comes from the Securities and Exchange Commission.
Salmon said its financing business uses artificial intelligence to assess credit applications, including those from borrowers with limited credit histories. The system can produce lending decisions within minutes, the company said.
