Consumer fintech startup Salmon has announced raising $30 million in its Series A-2 equity financing round backed by World Bank Group Member International Finance Corporation (IFC) and Abu Dhabi alternative investment manager Lunate.
Salmon, which operates a licensed bank in the Philippines – the Rural Bank of Sta. Rosa (Laguna) – said both IFC and Lunate committed amounts that substantially exceeded their pro-rate allocation rights.
Salmon will use the fresh funds to continue scaling its lending business and launch new products designed to meet the needs of the more than 50 million underbanked Filipino consumers.
A portion of the proceeds will also be used to boost the company’s marketing activities and expand its online offering, per the announcement.
Salmon co-founder Pavel Fedorov said Salmon’s mission has always been to drive financial inclusion, and the Philippines is one of the most exciting markets globally for unlocking access to credit.
“With this latest investment round, we are positioned to scale our operations even further, bring new products to market, and deepen our partnerships across the financial ecosystem,” Fedorov said.
Salmon was founded in July 2022 by banking and fintech veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor. Today, Salmon has more than 140 professionals in its Manila headquarters.
Its platform enables customers to access financial products from partners registered with the Securities and Exchange Commission (SEC) in the Philippines, including Sunprime Finance Inc. and FHL Financing Company.
In January this year, the fintech firm acquired a 59.7-percent controlling stake in the Rural Bank of Sta. Rosa (Laguna) Inc. In May 2024, the bank’s loan portfolio increased by 648% to P400 million from P54 million, a year earlier, while year-to-date revenue also rose to P66 million.
Salmon is targeting to grow its loan portfolio to $2 billion in the next three to five years by expanding its consumer base, catering to the country’s vast unbanked population, and growing its footprint in other Southeast Asian countries.