Fintech secures $140M to extend loan business

Salmon's recent financing round supports its strategy to expand financial access in the Philippines, particularly for micro-, small-, and medium-sized enterprises. Co-founder Pavel Fedorov stated the company is 'doubling down' on the Philippine market, indicating a focused approach to leverage the country's scale and deliver distinct services.

A key element of Salmon's operations is its AI-powered credit engine. This technology is designed to evaluate borrowers with limited credit histories, providing credit decisions within minutes. This capability addresses a common barrier to accessing formal financial services, potentially extending credit to segments underserved by traditional banking methods.

The company, founded in July 2022, operates through entities licensed by the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission. Its Salmon app has recorded 9 million downloads and a 4.8 rating. This rapid adoption and regulatory compliance suggest a structured approach to growth. The backing from US venture investors, International Finance Corp., ADQ/Lunate, Antler, and Filipino investors also reflects confidence in its model.

This expansion illustrates how fintech, specifically through AI, is being applied in Southeast Asia to bridge financial inclusion gaps. Salmon's emphasis on extending credit access and developing reliable, secure products positions it as a relevant player in the evolving Philippine financial sector.