Salmon, a consumer financial technology startup based in the Philippines, has announced raising $88 million in its latest funding round to accelerate its push for inclusive credit access in Southeast Asia.
The funding comprises a $60-million drawdown from a three-year, $150-million Nordic bond programme, the first such issuance by a Southeast Asian technology firm; and $28 million in new equity led by US venture capital firm Spice Expeditions.
Other investors in the round include Antler Elevate and existing shareholders such as International Finance Corporation, Abu Dhabi’s ADQ/Lunate, Northstar, Back in Black Capital, and local investors.
The combined funding of $88 million is one of the largest investments in the Philippine fintech industry in recent times.
The majority of the fresh funds will be used to increase Salmon’s loan books across the lending products it currently operates, including revolving credit lines with cards, product loans, cash loans, and others, Pavel Fedorov, the company’s co-founder, told DealStreetAsia.
“This funding gives us the runway to scale up lending across our credit products and accelerate financial inclusion in the region,” Fedorov added.
Salmon, which operates a licensed bank in the Philippines, was founded in July 2022 by Fedorov, George Chesakov, and Raffy Montemayor. It has carved out a strong foothold in the underserved consumer credit segment in the Philippines, where only around 10 million people out of its 115 million population have credit cards.
In October last year, the fintech firm announced raising $30 million in its Series A-2 equity round backed by some of its key investors, including the International Finance Corporation and Lunate.
Edited excerpts from an interview with Fedorov:
