CONNECT WITH US
Fintech

Fintech

Salmon secures $140m to expand lending in the Philippines

Fintech Global logo

Published on

Add as a preferred source on Google
Salmon secures $140m to expand lending in the Philippines

Salmon Group, a Philippines-based banking and lending platform built around technology, has raised a further $140m (PHP 8.8bn) as it steps up its expansion in the country.

The financing is made up of two parts. Spice Expeditions, WashU and Moore have committed $90m, and the other $50m comes from bond proceeds. Salmon will use the money to grow its profitable lending lines, namely the Salmon Credit Line and its in-store lending offering. It will also launch new products across the country, including motorcycle loans and lending for micro, small and medium-sized enterprises (MSMEs).

Salmon has been operating for less than four years and has become one of the Philippines’ fastest-expanding technology businesses in that time. It runs its business through two licensed entities. Salmon Bank (Rural Bank) is licensed by the Bangko Sentral ng Pilipinas (BSP), and Salmon Finance is a financing company licensed by the Securities and Exchange Commission (SEC).

Millions of Filipinos now use the group’s services through the Salmon app. The app has been downloaded nine million times, holds a 4.8 rating on both the App Store and Google Play, and keeps 99.9% uptime, with customer support available around the clock. Salmon Finance is the group’s lending arm, and its AI-driven credit engine lets the company serve people with thin credit histories and give lending decisions in a matter of minutes.

Salmon Group is a financial services holding company that uses technology to build a banking and lending platform for Southeast Asia, starting in the Philippines.



Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.