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.
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.”
