Salmon Group has secured additional funding of $140 million to accelerate its development in the Philippines. This technology platform specializing in banking and lending services announced the receipt of funds on October 19, 2026. Of this amount, $50 million came from bond issuance.
The financing includes $90 million provided by Spice Expeditions, Washington University Investment Management Company, and Moore Strategic Ventures. The company plans to use this capital to scale profitable lending products, such as the Salmon Credit Line and in-store lending.
Furthermore, Salmon is expanding its range of services to cover nationwide motorcycle lending and providing loans to small and medium-sized enterprises (MSMEs). Founded in July 2022, Salmon operates under the auspices of Salmon Bank (Rural Bank) Inc. and Salmon Finance Inc.
The company's main goal is to reduce barriers to accessing basic daily financial services. Its mobile application has been downloaded nine million times and received a 4.8-star rating on both iTunes and Google Play. Salmon reports 99.9% system availability and 24/7 customer service.
These services support Salmon's efforts to attract more customers through digital lending and banking. Salmon Finance utilizes an AI-based credit engine to assess applicants with limited credit histories. The system can make loan decisions within minutes, helping to extend access to services beyond clients with established credit records.
Co-founder Pavel Fedorov noted that 'daily financial services involve unnecessary friction for many Filipinos.' He emphasized that the company aims to eliminate these obstacles through innovative products backed by reliability and security. Fedorov added that this funding will help Salmon expand credit access, launch new products, and improve service standards.
This latest round of funding followed a $100 million round announced in April 2026. That deal combined $40 million in equity financing and $60 million from a public bond offering. The previous capital was directed towards product development, distribution expansion, and strengthening the capital of Salmon Bank.
The newest funding provides the group with additional resources for lending operations and broader product implementation. Salmon is also working to strengthen its regulated banking platform. Previously, the group outlined plans to increase the total capital of Salmon Bank to 2 billion pesos by the end of 2026 and considered obtaining a savings bank license.
As of the end of June, Salmon Bank reported assets of 8.21 billion pesos. Equity stood at 1.67 billion pesos, and deposit liabilities were 6.28 billion pesos. The bank's net loan portfolio reached 2.62 billion pesos, while the gross loan portfolio amounted to 3.43 billion pesos, reflecting current lending activities.
The acquired funding gives Salmon additional capacity to expand consumer lending. Motorcycle loans could open a new lending category, and MSME financing will target small businesses needing capital access. The firm stated it will focus exclusively on the Philippines and will not attempt to enter other international markets.
The company's target market is digital financial services for clients who lack access to traditional banking. The plan is based on a combined model, including a registered rural bank, a licensed lending company, and an AI-based lending platform.
Nevertheless, growth must be accompanied by responsible lending practices, good risk management, and portfolio quality. Salmon's expansion will also require careful implementation of new products and nationwide rollout. The latest funding will support this approach as it expands credit offerings.