PH fintech Salmon raises $20M from US investment firm
One-year-year-old Salmon fintech, a Philippines lending service that lets underbanked and unbanked Filipinos to defer payments and spread the cost of their purchase over several months, just raised $20 million from a US investment firm.
Salmon plans to use the funding towards scaling its lending operations across the Philippines, expanding its loan book, and launching new products later this year.
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Pavel Fedorov, George Chesakov, and Raffy Montemayor founded Salmon in July 2022 and rolled out its first credit product four months after. It has launched a new product every three months since then.
“Consumer lending is one of the fastest growing segments in Southeast Asia,” comments Daniel Chapman, founder and CEO of Argentem Creek Partners.
Salmon’s backers include Abu Dhabi’s sovereign wealth fund ADQ, one of Europe’s top venture investors and a group of prominent local investors.