Salmon Group has secured P8.8 billion (US$40 million) in additional financing for its Philippine business, the Manila Standard reported. The company said the proceeds will fund the scaling of profitable lending, including Salmon Credit Line and in-store lending.

The money will also go towards the nationwide rollout of new products such as motorcycle and micro, small, and medium enterprise (MSME) lending.

Salmon Co-Founder, Pavel Federov, shared,

“This financing lets us do more: extend banking and credit access to more Filipinos, roll out new products, and keep raising the bar for the financial services industry in the country. We are grateful to our existing investors for backing the next stage of our mission.”

The financing follows a US$100 million funding raise in April, which included US$60 million in equity and a US$40 million public bond under Salmon’s Nordic bond programme.

Founded in July 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon operates Rural Bank of Sta. Rosa Laguna Inc. and financing businesses in the Philippines.

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