Philippine Fintech Salmon Secures $140 Mn to Expand Lending, Six Months After a $100 Mn Round

Philippine fintech Salmon Group has secured $140 Mn in additional financing to expand its consumer lending operations and enter new credit segments, bringing its announced financing packages this year to $240 Mn.

The latest funding includes $90 Mn in investor commitments from Spice Expeditions, Washington University Investment Management Company (WUIMC) and Moore Strategic Ventures, plus $50 Mn in bond proceeds.

This follows a separate $100 Mn package announced in April, when Salmon raised $60 Mn in equity and $40 Mn through a public bond issuance. The repeated capital raising underscores the funding needs of a business expanding its lending operations through a regulated bank and financing company.

Salmon plans to use the latest financing to scale its existing Salmon Credit Line and in-store lending businesses, while introducing motorcycle financing and loans for micro, small and medium enterprises (MSMEs) nationwide.

The company described its existing lending products as profitable but did not disclose revenue, net income, loan portfolio size or credit-loss figures alongside the announcement.

The October transaction also differs from a conventional venture capital round. The $90 Mn investor component represents financing commitments, while the $50 Mn bond component involves borrowed capital. Salmon has not disclosed its valuation, individual investor contributions or the terms of the latest bond financing.

Funding a Growing Loan Business

Salmon’s latest financing builds on a series of transactions combining institutional investment with debt capital.

In June 2025, the company announced an $88 Mn package, comprising $28 Mn in equity and a $60 Mn drawdown under a three-year, $150 Mn Nordic bond framework.

The following April, it secured another $100 Mn, including the $60 Mn equity round led by Spice Expeditions and a $40 Mn public bond issuance under the existing Nordic bond programme. The April bonds carried an effective yield of 13.7%.

Spice Expeditions, WashU and Moore Strategic Ventures were also investors in the April transaction, making them continuing backers rather than a newly assembled investor group.

Salmon did not disclose whether the latest $50 Mn bond financing was issued under the same Nordic programme or provide its pricing and maturity terms.

The distinction between equity and debt matters for a lending business. It’s because equity can fund expansion and provide a capital buffer, but bonds create repayment obligations and interest costs that lending returns must cover.

Salmon’s profitability will, therefore, depend not only on the volume of loans it originates, but also on funding costs, borrower repayments and the quality of its credit portfolio. But the company has not provided sufficient financial information in the latest announcement to assess those measures independently.

Expanding beyond Consumer Credit

Set up in July 2022 by Pavel Fedorov, George Chesakov and Raffy Montemayor, Salmon operates through two regulated businesses. Salmon Bank (a rural bank) holds a banking licence from the Bangko Sentral ng Pilipinas, while Salmon Finance is a financing company licensed by the country’s Securities and Exchange Commission.

This gives Salmon a different operating structure from typical fintech companies that distribute lending products solely through bank partnerships. Its group includes a licensed deposit-taking institution alongside a separate financing business.

Salmon’s existing products include a revolving credit line and financing offered through retail outlets. Its planned expansion into motorcycle and MSME loans would broaden the categories of borrowers and financing needs served by the group.

The company says its mobile application has recorded 9 Mn downloads and holds a 4.8 rating on Apple’s App Store and Google Play. These are company-reported figures, and app downloads do not necessarily represent active customers or borrowers.

Salmon Finance also uses an AI-powered credit assessment system to evaluate applicants, including those with limited formal credit histories, and says it can deliver lending decisions within minutes.

The company has not disclosed comparative loan performance data showing how its credit assessment system compares with conventional underwriting methods.

Fedorov said the latest financing would let Salmon reach more borrowers and introduce additional financial products while keeping its focus on the Philippines.

The group counts the International Finance Corporation, Abu Dhabi-based ADQ/Lunate, Antler and other institutional investors among its backers.

Although Salmon describes its longer-term ambition as building a banking and lending platform across Southeast Asia, the latest capital raise and planned product launches are directed at the Philippine market.

For Salmon, the immediate challenge is converting access to institutional capital into sustainable lending growth. Its frequent financing shows investor interest, but expansion economics will ultimately depend on returns from its loan portfolio, credit losses and financing costs.