Philippines-based banking and lending platform Salmon Group has raised $90 million in financing and another $50 million of bond proceeds.
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In less than four years, Salmon has established itself as a significant challenger to legacy banks in the Philippines, a market with a huge underbanked population. It already serve millions of Filipinos through its Salmon app, using its AI-powered credit engine to lend to customers with limited credit history.
The new financing, committed by Spice Expeditions, WashU and Moore, comes just months after the firm secured $60 million in equity financing and another $40 million in public bonds.
It will fund the scaling of credit line and in-store lending products, as well as the nationwide roll-out of new offerings, including motorcycle and MSME lending.
Pavel Fedorov, co-founder, Salmon, says: "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."