Salmon has secured USD $140 million in additional financing to expand its lending business in the Philippines and support the national rollout of new products, including motorcycle and micro, small and medium-sized enterprise (MSME) lending.

The financing comprises USD $90 million in commitments from existing investors Spice Expeditions, WashU and Moore, alongside USD $50 million raised through bond proceeds. The funds will support the expansion of Salmon's lending operations and the development of additional financial products.

The company operates in the Philippines through Salmon Bank, a rural bank licensed by the Bangko Sentral ng Pilipinas, and Salmon Finance, a financing company licensed by the Securities and Exchange Commission.

Founded in July 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon offers consumer lending products, including the Salmon Credit Line and in-store lending. The company said the latest financing would support the growth of its profitable lending business while broadening its product range.

Salmon serves customers through its mobile application, which has recorded 9 million downloads and a 4.8 rating on Apple's App Store and Google Play, according to the company. It also reported 99.9% app uptime and round-the-clock customer support.

The company's lending operations use an automated credit engine to assess borrowers, including people with limited credit histories. Salmon said the system can deliver credit decisions within minutes.

The planned expansion into motorcycle and MSME lending will extend its product offering beyond existing consumer credit services. The company intends to use the additional capital to broaden access to banking and credit across the Philippines.

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