The funding will allow the financial technology company to expand its existing credit lines and installment loans offered through retail stores while introducing new lending products nationwide.
The expansion marks a bigger bet on the Philippines for Salmon, which has built its business around using technology to reach borrowers with limited credit histories.
“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,” said Salmon co-founder Pavel Fedorov.
Beyond consumer loans
Salmon plans to move further into motorcycle financing and loans for micro, small and medium enterprises, opening two new markets beyond its existing consumer lending operations.
Its financing arm, Salmon Finance, uses artificial intelligence to assess borrowers and make credit decisions within minutes, potentially reaching customers who lack the borrowing records typically required by banks.
The company also operates Salmon Bank, a Bangko Sentral ng Pilipinas-licensed rural bank, giving the group a regulated banking platform alongside its lending business.
Building scale
Founded in July 2022, Salmon has attracted backing from the International Finance Corporation, US venture investors, ADQ/Lunate, Antler and Filipino investors.
Its mobile app has reached nine million downloads in less than four years, although downloads do not necessarily translate into active customers or borrowers.
—Edited by Miguel R. Camus
