Salmon Secures $140 Million to Expand Philippine Lending

Salmon Group has secured $140 million in new financing to bolster its expansion across the Philippines. The funding, announced on October 19, 2026, includes $90 million from Spice Expeditions, Washington University Investment Management Company, and Moore Strategic Ventures, with the remaining $50 million sourced from bond proceeds.

Salmon will utilize the capital to scale profitable lending products, such as the Salmon Credit Line and in-store lending, as well as to expand its services to include nationwide motorcycle financing and micro, small, and medium enterprises (MSME) lending.

Founded in July 2022, Salmon operates under Salmon Bank (Rural Bank) Inc. and Salmon Finance Inc. The company's AI-powered credit engine enables rapid credit assessments for applicants with limited credit histories, facilitating credit decisions within minutes. With over nine million downloads and a 4.8-star rating on both iTunes and Google Play, Salmon's mobile app emphasizes the importance of accessible, reliable, and secure financial services.

Co-founder Pavel Fedorov highlighted that everyday financial services often face unnecessary barriers for many Filipinos. The company's innovative products, supported by reliability and security, aim to remove these obstacles. The new financing will aid Salmon in expanding credit access, launching new products, and enhancing service standards.

Building on its previous $100 million financing round in April 2026, the additional capital will strengthen Salmon Bank's capital base and support the rollout of additional financial products.

Salmon aims to strengthen its regulated banking platform and is considering applying for a thrift banking license, with the goal of increasing Salmon Bank's total capital to ₱2 billion by the end of 2026. As of June, Salmon Bank reported assets of ₱8.21 billion, with ₱1.67 billion in stockholders' equity and ₱6.28 billion in deposit liabilities.

The net loan portfolio reached ₱2.62 billion, while the gross loan portfolio stood at ₱3.43 billion. Salmon's expansion will focus on the Philippines, targeting digital financial services to underbanked customers through a combination of a registered rural bank, a license financing company, and AI lending platform.