Salmon Group, a technology-driven banking and lending platform based in the Philippines, has secured an additional US$140 million in financing to support its continued expansion. The company announced the capital raise on October 19, 2026, through a press release from Manila. The new funding combines US$90 million committed by Spice Expeditions, WashU, and Moore with US$50 million in bond proceeds, strengthening Salmon's ability to scale its lending operations and introduce new financial products.
Financing Details
The US$90 million commitment from Spice Expeditions, WashU, and Moore represents a significant vote of confidence in Salmon's growth trajectory. The remaining US$50 million comes from bond proceeds, providing a diversified funding base for the company. These resources will be directed toward scaling profitable lending programs, including the Salmon Credit Line and in-store lending operations across the Philippines.
Expansion Strategy
Salmon plans to use the proceeds to roll out new products on a nationwide scale, with a particular focus on motorcycle and MSME lending. These segments address high demand among Filipino consumers and small business owners who often face limited access to formal credit. The company aims to remove unnecessary friction from everyday financial services while maintaining reliability and security for its customers.
Operational Milestones
In less than four years of operations, Salmon has become one of the fastest-growing technology companies in the Philippines. The group operates through a BSP-licensed bank, Salmon Bank (Rural Bank) Inc., and an SEC-licensed financing company, Salmon Finance Inc. This dual structure allows Salmon to deliver banking and lending services through a single digital platform.
Technology and Customer Reach
The Salmon app has been downloaded 9 million times and holds a 4.8 rating on both the App Store and Google Play. The platform reports 99.9% uptime and provides dedicated 24/7 customer support. Salmon Finance uses an AI-powered credit engine to serve customers with limited credit history and can deliver credit decisions within minutes.
Leadership Commentary
Pavel Fedorov, co-founder of Salmon, emphasized the company's commitment to removing barriers in everyday financial services. He said, "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." Fedorov also expressed gratitude to existing investors for backing the next stage of Salmon's mission.
About Salmon Group
Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon is backed by leading US venture investors, IFC (World Bank Group), ADQ/Lunate, Antler, and prominent Filipino investors. The group is building a banking and lending platform across Southeast Asia, starting with the Philippines. Its financial products are delivered through the Salmon app, a modern money app designed for everyday Filipinos.
With the additional US$140 million, Salmon is well positioned to broaden financial inclusion across the Philippines. The company's focus on profitable lending, new product rollouts, and digital accessibility supports its ambition to become a leading financial services platform in Southeast Asia. As Salmon continues to expand, it aims to raise the bar for reliability, security, and customer experience in the country's financial services industry.