Salmon Raises $100M to Bank Millions of Filipinos

Getting a loan to buy a motorbike in the Philippines used to mean weeks of paperwork, home visits, and endless waiting. Now it takes 20 seconds on a smartphone.

Salmon, a Manila-based digital bank, just raised $100 million to bring modern financial services to millions of Filipinos who've been locked out of traditional banking. The funding includes $60 million in equity and $40 million in debt specifically to finance customer loans.

The Philippines is home to millions of adults without bank accounts or credit history, making it nearly impossible for them to get loans, save money, or build financial stability. Despite being one of the most mobile-connected countries in the world (often called the social media capital), its banking system has struggled to keep pace with the digital age.

Founders Pavel Fedorov, George Chesakov, and Raffy Montemayor saw the opportunity after working together at Russian digital bank Tinkoff. They launched Salmon in 2022 and moved fast, acquiring a rural bank established in 1963 to secure their banking license by January 2024.

The company now offers seven different products including revolving credit, installment loans, motorbike financing, and savings accounts with up to 8% interest. What makes them different is speed and accessibility: customers fill out a form on their phone, upload documents, and get approved in 20 seconds using behavioral and digital data instead of traditional credit scores.

For motorbike loans, approved customers can pick up their vehicle the next morning. Credit products offer up to 62 days interest-free if borrowers pay on time, and the company raises credit limits quickly for customers who repay responsibly.

The Ripple Effect

When millions of people gain access to fair, fast financial services, the impact ripples through entire communities. A motorbike loan means someone can get to work reliably or start a delivery business. A savings account with decent interest means families can build emergency funds and plan for the future instead of living paycheck to paycheck.

Salmon has now raised $310 million total since launching, backed by investors including Abu Dhabi's sovereign wealth fund ADQ, the International Finance Corporation, and Washington University's investment arm. The company plans to scale across the Philippines over the next two years before expanding internationally.

Banking the underbanked isn't just good business, it's a pathway out of poverty for families who've been excluded from financial systems for generations.