Salmon secures $140M in additional financing to expand Philippine lending
What's the deal? Salmon has secured $140 million (US$171.6M) to continue its growth in the Philippines — including financing committed by existing backers Spice ExpeditionsDealroom has a profile for this one. Try Dealroom →, Washington University Investment Management CompanyDealroom has a profile for this one. Try Dealroom → and Moore Strategic VenturesDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Salmon plans to scale its existing Salmon Credit Line and in-store lending businesses while rolling out new products nationwide. It is also moving into motorcycle financing and loans for micro, small, and medium enterprises — two markets beyond its current consumer lending.
How it works: Salmon's financing arm uses artificial intelligence to assess borrowers and approve credit within minutes, targeting customers who lack the records banks typically require. The group also runs Salmon Bank, a rural bank licensed by the Bangko Sentral ng Pilipinas, giving it a regulated banking platform.
Founded in July 2022, Salmon says its app has reached nine million downloads and holds a 4.8 rating on the App Store and Google Play, though downloads do not always translate into active borrowers.
Why now? "Everyday financial services come with unnecessary friction for many Filipinos. We’re removing these barriers and building innovative products with the reliability and security customers expect in today’s world," said co-founder Pavel Fedorov. "We are doubling down on the opportunity in the Philippines as we believe deeply in its scale and in the importance of focus to deliver a differentiated execution. 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." The raise extends a rapid funding push: Spice Expeditions led a $60 million equity round in April 2026 as part of a wider $100 million raise that also included debt, following a $50 million Nordic bond in 2025.
What could go wrong? Pairing fresh financing with bond proceeds keeps the balance sheet funded, but scaling a loan book still means managing debt-servicing costs on top of credit risk. The real test is whether Salmon can keep serving borrowers underserved by banks while sustaining returns.
The signal: By topping up financing from existing backers alongside public bond proceeds rather than chasing new investors or new markets, Salmon is betting that deep focus on the Philippines — not regional expansion — is the fastest route to profitable scale.
Read more: salmon.ph
Image credit: Salmon
