Salmon Group, a financial services holding company offering banking and lending solutions in the Philippines, has scored $140 million (PHP 8.8 billion) in new financing to expand its lending capabilities and fund the launch of new products.
The round includes a mix of equity financing and bond proceeds. WashU, Moore, and Spice Expeditions, the venture capital firm which led Salmon's $60 million equity raise as part of a wider $100 million investment earlier this year, committed $90 million in financing. The remaining $50 million has come from bond proceeds.
Salmon states that the new capital will "fund the scaling of profitable lending (Salmon Credit Line and in-store lending) and the nationwide roll-out of new products, including motorcycle and MSME lending".
Founded in 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon is formed of two subsidiaries, a BSP-licensed bank, Salmon Bank (Rural Bank), and an SEC-licensed financing company, Salmon Finance.
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The banking and lending services of both businesses are delivered through the Salmon app, which has had nine million downloads across the Philippines.
About the Author
Reporter, FinTech Futures
Francis Bignell is a reporter at FinTech Futures with a keen interest in all things fintech, especially in the Latin America region. Writing in the industry for four years, he has moderated webinars and podcasts as well as interviewed executives from a wide range of sectors.