Salmon Group, a Philippines-based fintech company providing digital banking and lending services, has secured $140 million (approximately PHP 8.8 billion) in additional financing to expand its operations and introduce new lending products across the country.
The financing comprises $90 million in commitments from Spice Expeditions, Washington University Investment Management Company (WashU IMC), and Moore Strategic Ventures, alongside $50 million in bond proceeds.
Founded in July 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon Group operates a financial services platform combining digital lending and banking products for customers in the Philippines.
The company operates through two regulated entities: Salmon Bank (Rural Bank) Inc., licensed by the Bangko Sentral ng Pilipinas (BSP), and Salmon Finance Inc., a financing company licensed by the Securities and Exchange Commission (SEC).
Salmon provides its financial products through the Salmon app, including revolving credit lines, in-store financing, and banking services. Its financing business uses an AI-powered credit assessment system to evaluate loan applications, including those from customers with limited credit histories.
The company plans to deploy the new financing to expand its existing Salmon Credit Line and in-store lending operations. It will also support the nationwide rollout of motorcycle financing and lending products for micro, small, and medium enterprises (MSMEs).
According to Salmon, its mobile application has recorded nine million downloads, reflecting the scale of its digital financial services operations in the Philippines.
The latest financing follows a $100 million funding package announced in April 2026. That earlier transaction comprised $60 million in equity financing led by Spice Expeditions, with participation from WashU IMC, Moore Strategic Ventures, FJ Labs, and existing investors, alongside $40 million raised through a public bond issuance.
The additional capital will support Salmon’s plans to expand consumer credit and develop lending services for motorcycle buyers and smaller businesses across the Philippines.
