Salmon Raises $140M in Equity and Bonds to Expand Philippine Lending

Salmon, the Manila-based digital banking and lending platform, has secured $140 million (about PHP 8.8 billion) in new financing to scale its profitable credit products and expand motorcycle and small-business loans across the Philippines. The package combines $90 million in equity commitments from Spice Expeditions, Washington University Investment Management Company (WashU), and Moore Strategic Ventures with $50 million raised through a public bond issuance, the company announced on October 19.

A Bank and a Lender in One App

Founded in July 2022 by Pavel Fedorov, George Chesakov and Raffy Montemayor, Salmon describes itself as a financial services holding company building a platform for Southeast Asia, starting at home in the Philippines. It runs two licensed entities: Salmon Bank (Rural Bank) Inc., regulated by the Bangko Sentral ng Pilipinas, and Salmon Finance Inc., a financing company licensed by the Securities and Exchange Commission.

Customers reach both through the Salmon app, which the company says has passed 9 million downloads and carries a 4.8 rating on the App Store and Google Play. Underneath sits an AI-powered credit engine built to assess borrowers with thin or no credit histories and return decisions within minutes, a pitch aimed squarely at the millions of Filipinos traditional banks have long underserved.

"Everyday financial services come with unnecessary friction for many Filipinos," Fedorov said in the announcement.

Where the Money Goes

Salmon says the capital will scale its existing profitable lending lines, chiefly the Salmon Credit Line and its in-store lending business, which finances purchases at retail partners. It will also fund a nationwide rollout of new products, led by motorcycle loans and lending for micro, small and medium enterprises (MSMEs).

Both categories carry weight in the Philippine economy. Motorcycles are the workhorse of daily commuting and the delivery and ride-hailing gig economy, while MSMEs make up the overwhelming majority of registered businesses yet routinely struggle to access formal credit.

"This financing lets us do more: extend banking and credit access to more Filipinos, roll out new products," Fedorov said, adding: "We are doubling down on the opportunity in the Philippines as we believe deeply in its scale."

Insiders Keep Writing Checks

The round is backed by returning investors rather than new names. Salmon did not identify a lead, and a spokesperson described the raise to DealStreetAsia simply as a fresh round. Its wider cap table includes the International Finance Corporation, Abu Dhabi's ADQ through Lunate, Antler and a group of prominent Filipino investors.

The deal caps a fast capital-raising run for a company not yet four years old. In June 2025, Salmon raised $88 million, made up of $28 million in equity led by Spice Expeditions and $60 million from a Nordic bond. Another $50 million in Nordic bonds followed in September 2025, and in April 2026 the company announced $100 million in equity and debt with a similar investor group.

That mix of venture equity and bond financing is a defining feature of Salmon's playbook. Lenders need balance sheet to grow loan books, and debt lets the company fund that growth without diluting shareholders at every step. "We are grateful to our existing investors for backing the next stage of our mission," Fedorov said.

Salmon did not disclose its valuation. For a Philippine fintech market where digital banks and lenders are competing hard for first-time borrowers, the steady return of the same backers sends its own signal: the people with the best view of the numbers keep buying in.

Source

ANI (PR Newswire) — "Salmon secures $140 million (Php 8.8 Billion) to double down on the growth opportunity in the Philippines"