Salmon Secures $140 Million to Expand Financial Services in the Philippines
Salmon Group, a technology-driven financial services company operating in the Philippines, has secured $140 million in financing. The funding includes $90 million from investors Spice Expeditions, WashU and Moore, as well as $50 million in bond proceeds. These funds will be used to scale profitable lending products like Salmon Credit Line and expand into new markets such as motorcycle and MSME (micro, small, medium enterprise) lending. Founded in 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon operates through a BSP-licensed bank and an SEC-licensed financing company. The group's mobile app has achieved significant traction with over nine million downloads and high user ratings on both App Store and Google Play. Salmon aims to improve access to financial services for Filipinos by leveraging AI-powered credit engines that enable quick decisions even for those without a strong credit history.
Topics: financing lending scaling technology