Filipino fintech start-up Salmon lands $20m debt funding
A new consumer fintech in the Philippines, Salmon, has secured $20 million in debt financing from US investment firm Argentem Creek Partners.
Salmon raises $20m in debt financing
Founded in July 2022, Salmon went live this January with its first product offering – a point-of-sale (POS) lending service, which allows underbanked and unbanked Filipinos to defer payments and spread the cost of their purchase over several months.
Salmon says the investment marks the “largest ever” debt financing for a Series A tech company in the Philippines. It plans to use the funding towards scaling its lending operations across the Philippines, expanding its loan book, and launching new products in H2 2023.
“Consumer lending is one of the fastest growing segments in Southeast Asia,” comments Daniel Chapman, founder and CEO of Argentem Creek Partners.
“We are convinced that the new generation of credit-focused fintechs like Salmon have a tremendous opportunity and that Argentem Creek could play an important role in driving forward financial inclusion in these exciting markets.”
Salmon’s backers include Abu Dhabi’s sovereign wealth fund ADQ, one of Europe’s top venture investors and a group of prominent local investors.
