Salmon secures P8.8B ($40M) in additional financing to take motorcycle and MSME loans nationwide in the Philippines

Salmon Group has secured P8.8 billion, about $40 million, in additional financing for its Philippine business from existing investors. The structure of the financing was not detailed in the report.

Founded in July 2022 by Pavel Fedorov, George Chesakov and Raffy Montemayor, Salmon operates Rural Bank of Sta. Rosa Laguna and financing businesses in the Philippines, offering consumer credit through in-store lending and the Salmon Credit Line.

The proceeds go to scaling profitable lending and to the nationwide rollout of new products, including motorcycle loans and lending to micro, small and medium enterprises. Co-founder Pavel Fedorov said the financing lets the company extend banking and credit access to more Filipinos.

The round follows a $100 million raise in April, made up of $60 million in equity and a $40 million public bond under Salmon's Nordic bond programme.