The $90 million in equity financing, committed by Spice Expeditions, WashU, and Moore, along with an additional $50 million in bond proceeds, will be used to expand the profitable lending business and launch new products.
Manila, Philippines, October 19, 2026 /PRNewswire/ — Salmon Group, a technology-driven banking and lending platform in the Philippines, today announced it has secured an additional $140 million in funding to continue advancing its growth in the Philippines.
The proceeds from this funding round will be used to expand profitable lending businesses (Salmon Credit Line and store loans) and launch new products nationwide, including motorcycle loans and MSME loans.
Salmon stated that, in less than four years of operation, the company has become one of the Philippines' fastest-growing tech companies, currently operating through Salmon Bank (Rural Bank), licensed by the Bangko Sentral ng Pilipinas (BSP), and Salmon Finance, licensed by the Securities and Exchange Commission (SEC) of the Philippines.
Salmon Group states that its subsidiaries currently serve millions of Filipino users through the Salmon app. The app is one of the highest-rated financial services applications in the Philippines, with 9 million downloads and a 4.8-star rating on both the App Store and Google Play. It offers 99.9% system availability and provides 24/7 dedicated customer support. Through Salmon Finance, the group’s financing division, Salmon leverages an AI-powered credit engine to serve customers with limited credit histories and deliver credit decisions within minutes.
Pavel Fedorov, co-founder of Salmon, said: "For many Filipinos, everyday financial services involve unnecessary friction. We are removing these barriers and building innovative products that offer the reliability and security today’s customers expect."
He said, “We are increasing our investment in the Philippines opportunity because we strongly believe in the market’s scale and the importance of focus in achieving differentiated execution. This funding enables us to do more: expand access to banking and credit services for more Filipinos, launch new products, and continue raising the standards of the country’s financial services industry. We thank our existing investors for supporting the next phase of our mission.”
About Salmon
Salmon Group is a technology-driven financial services holding company that is launching in the Philippines and building banking and lending platforms across Southeast Asia. Its operating entities include Salmon Bank (Rural Bank) Inc., licensed by the BSP, and Salmon Finance Inc., licensed by the SEC, along with a growing portfolio of financial products—all delivered through the Salmon app, a modern financial application designed for everyday users in the Philippines.
Salmon was founded in July 2022 by industry veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor from the banking and technology sectors, and is backed by top U.S. venture capital investors, IFC (World Bank Group), ADQ/Lunate, Antler, and prominent Philippine investors. The Salmon app has a 4.8 rating on both the App Store and Google Play, making it one of the highest-rated financial services apps in the Philippines.