Salmon, a consumer fintech startup in the Philippines, announced that it will be scaling its lending operations in the country after securing a $20-million debt facility from US-based emerging markets investor Argentem Creek Partners.
The debt transaction provides Salmon the financing it needs to expand its loan book and launch new products in the second half of this year, according to the announcement.
Salmon was founded in July 2022 by banking and fintech veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor. Its platform enables customers to access financial products from partners registered with the Philippine Securities and Exchange Commission (SEC).
These partners include online lending platform Sunprime Finance Inc and financial services firm FHL Financing Company. On its website, the startup said it offers flexible financing terms and high approved amounts to help businesses grow their sales up to 55%.
Early this month, the company entered into a new partnership with Vans Philippines. The deal allows customers to purchase Vans Footwear, Apparel, and Accessories using Salmon’s point-of-sale financing.
The company launched its first credit product only four months after inception and claims to have delivered new product launches every three months since then.
Salmon co-founder Montemayor said the debt transaction is a “testament to Salmon’s potential” and the market’s trust in the company’s vision and business model.
“This transaction also conveys a message of hope to many young and aspiring Filipinos, highlighting to them the incredible opportunities that the global investment community sees in the Philippines today,” Montemayor added.
The credit facility provider, Argentem Creek Partners, invests in special situations, private credit, high yield, trade finance, and bespoke capital solutions from its offices in Abu Dhabi, Buenos Aires, London, Minneapolis, and New York.
The firm specializes in identifying strategic and high-quality assets in sectors such as energy, energy transition, critical minerals, agriculture, infrastructure, and technology.
“We are a long-term value-oriented investor and are excited to support Salmon in its ambitious drive to expand financial inclusion across the region, as well as to provide best-in-class customer service and make lending more accessible to consumers in the region,” said Argentem president and co-CIO Maarten Terlouw.