Salmon Group, a digital-focused lender, is launching new lending products nationwide and scaling its existing lending business after securing $140 million in fresh financing.
In a statement, Salmon said the proceeds will fund scaling its Salmon Credit Line and in-store lending businesses, as well as rolling out motorcycle and micro, small, and medium enterprise (MSME) lending.
Spice Expeditions, WashU and Moore provided $90 million of the $140 million in financing, while the company raised the remaining $50 million through a bond issuance.
‘We are doubling down on the opportunity in the Philippines as we believe deeply in its scale and in the importance of focus to deliver a differentiated execution. This financing lets us do more: extend banking and credit access to more Filipinos, roll out new products, and keep raising the bar for the financial services industry in the country,’ Pavel Fedorov, co-founder of Salmon, said.