The archive · Money & Fintech · Product decision · 2022–2026
Salmon's AI-credit bet: licensed bank, record $100M round for underbanked Filipinos
Philippine fintech Salmon bets AI scoring can lend to the ~90% of Filipinos without credit cards; bank license in 2023, $100M raised by April 2026.
Salmon Group
What the business is
Salmon is a Philippine consumer fintech that uses an AI credit engine to offer short-term loans, revolving credit cards and other products through its licensed Rural Bank of Sta. Rosa (Laguna).
Starting capital：$25M Series A-1 (2024, incl. $7M from IFC) led by Northstar Group; $30M Series A-2 (October 2024) with IFC and Lunate; $88M (June 2025) incl. a $60M Nordic-bond drawdown; $100M (April 2026) = $60M equity + $40M bond drawdown.
How it started
Founded in July 2022 by Pavel Fedorov, George Chesakov and Raffy Montemayor, Salmon targeted the Philippines, where only about 10 million of 115 million people have credit cards and only 25% of adults have formal credit per BSP. In December 2023 the Bangko Sentral ng Pilipinas approved it as a licensed bank via the Rural Bank of Sta. Rosa (Laguna).
What happened
IFC put $7M into a $25M Series A-1 led by Northstar (April 2024); a $30M Series A-2 followed in October 2024 to scale lending and lift the bank's capital toward PHP 1.2 billion by end-2025. June 2025 brought a record $88M round — a $60M drawdown from a $150M Nordic bond program (a first for a SEA tech firm) plus $28M equity led by Spice Expeditions. In April 2026 it raised $100M more: $60M equity including IFC, Moore Strategic Ventures and Lunate, plus a $40M bond drawdown.
How it ended up
Still scaling: Salmon operates the fastest-growing rural bank in the Philippines with one of the highest returns on equity among regulated institutions, and closed its $100M financing in April 2026 to grow lending and build new products.
Background
Salmon is a Philippine consumer fintech founded in July 2022 by Pavel Fedorov, George Chesakov and Raffy Montemayor. Its bet: AI credit scoring on behavioral and digital data can lend to Filipinos with no credit history — only about 10 million of the country's 115 million people hold credit cards, and the central bank puts formal-credit access at around 25% of adults.
Instead of renting a bureau or partnering with a lender, Salmon bought and licensed a bank. In December 2023 the Bangko Sentral ng Pilipinas approved it as owner of the Rural Bank of Sta. Rosa (Laguna); IFC put $7M into a $25M Series A-1 led by Northstar in April 2024, and a $30M Series A-2 followed in October 2024 with IFC and Lunate to scale what Salmon calls a profitable lending business and lift bank capital toward PHP 1.2 billion.
Funding accelerated as the bank grew: a record $88M round in June 2025 combined a $60M drawdown from a $150M Nordic bond program — the first by a Southeast Asian tech firm, per DealStreetAsia — with $28M equity led by Spice Expeditions. In April 2026 Salmon raised $100M more ($60M equity including IFC, Moore Strategic Ventures and Lunate, plus a $40M bond drawdown).
As of mid-2026 Salmon is still scaling its loan books, cards and bank network. CEO Pavel Fedorov told TechCrunch that customers fill a phone form and get a decision in about 20 seconds, with limits raised quickly for on-time payers. Its app reportedly rates about 4.8 with 92% customer referral. Growth figures are company- or investor-reported.
What has to be true
- Salmon picked a market with near-empty formal credit: about 10M credit cards for 115M people, and only 25% of adults with formal credit.
- Real-time AI scoring on behavioral and digital data delivered 20-second decisions where traditional bureaus had nothing to offer.
- Owning a licensed bank (approved December 2023) let it fund lending with deposits and tap a Nordic bond program — a first for a SEA tech firm.
- Stacking equity rounds with debt facilities (record $88M in June 2025, $100M in April 2026) scaled loan books without diluting everything.
What can be applied
When credit infrastructure doesn't exist, build the scoring model and own the channel — a banking license turns a fintech wedge into a moat, and debt opens once regulated.
Aftermath
As of May 2026 Salmon is still scaling: it closed a $100M financing in April 2026 — $60M equity from Spice Expeditions, Moore Strategic Ventures, IFC and Lunate, plus a $40M drawdown from its $150M Nordic bond program — to grow lending and build new products. Gunderson Dettmer's client note quotes CEO Pavel Fedorov that the firm scores borrowers in real time from behavioral and digital data, with a decision in about 20 seconds. Growth and valuation figures are company-reported.
Sources
- IFC Partners with Consumer Fintech Salmon to Drive Financial Inclusion in the Philippines
- Filipino fintech firm Salmon completes $30M Series A-2 financing round
- Salmon Raises $88M in Record Philippine Fintech Round
- Salmon Raises $100 Million Financing
spotted an error? The archive wants to know.
Your turn
You just read one. Describe what you are building, and see who is betting on the same thing.
Free account · 3 free questions · no card