Salmon, a leading provider of financial services and consumer lending products in Southeast Asia, has raised $30 million Series A-2 equity financing round from key institutional investors of the Company, including the International Finance Corporation (IFC) and Lunate of Abu Dhabi, with both committing amounts substantially over their pro-rata allocation rights.
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The money will go into expanding Salmon’s lucrative lending operation and introducing new products that cater to the changing demands of the over 50 million Filipino customers who are not well served by the traditional banks.
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A portion of the earnings will also be used to enhance the business’s online presence and support its marketing initiatives at thousands of retail locations around the Philippines.
Pavel Fedorov, Co-Founder of Salmon, commented: “Salmon’s mission has always been to drive financial inclusion, and the Philippines is one of the most exciting markets globally for unlocking access to credit. With this latest investment round, we are positioned to further scale our operations, bring new products to market, and deepen our partnerships across the financial ecosystem. The recent success of the Rural Bank of Sta Rosa (Laguna), with its exceptional growth and market-leading ROE, is a testament to the potential of combining innovation with a strong commitment to local communities.”
Salmon also plans to use a portion of the proceeds, contingent upon regulatory approvals from the Bangko Sentral ng Pilipinas (BSP), to fortify the Rural Bank of Sta. Rosa (Laguna)’s capital base. By the end of 2025, the bank hopes to have grown its total capital to PHP 1.2 billion. The bank’s ongoing expansion will be aided by this cash injection. With one of the best returns on equity (ROE) among regulated financial institutions in the Philippines, the Rural Bank of Sta. Rosa (Laguna) has become the fastest-growing bank in the nation during the last six months.
Salmon is united not only by our experiences of building leading financial services and tech companies in various parts of the world, transforming whole industries in the process and safely navigating through many economic cycles, but also our deeply held desire to apply our experience and modern technology for the benefit of millions of Filipinos.
This new investment round underscores the confidence that global institutional investors have in Salmon’s ability to continue delivering transformative financial solutions in the Philippines and beyond.
About Salmon
Salmon — a team of finance professionals and entrepreneurs backed by world-class investors — come with the vision and capabilities to provide a new level of service and financial inclusion through a combination of technology, product design, security, data analytics and relentless focus on customer care.
