Philippine-based fintech company Salmon has secured a $20 million debt facility from Argentem Creek Partners, a U.S. based investment firm focused on emerging markets.
This investment will bolster Salmon’s lending operations across the Philippines, facilitating the expansion of its loan portfolio and the launch of novel products in H2 2023.
Despite an unpredictable market environment, Salmon successfully completed the debt transaction, setting a record as the largest ever debt financing for a Series A tech company in the Philippines.
Salmon’s rise to prominence has been swift, with the company, founded in July 2022, already one of Southeast Asia’s fastest-growing fintechs.
Co-founded by industry veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon demonstrated a rapid expansion within its first year, launching its initial credit product only four months after its inception and introducing new offerings every three months since.
Raffy Montemayor, Co-founder of Salmon, expressed his gratitude for the investor support and Argentem Creek’s endorsement of Salmon’s vision, which is focused on financial inclusion and accessibility. Montemayor also underlined the positive implications of the deal for the Philippine youth, highlighting the global investment community’s confidence in the nation’s potential.
Argentem Creek Partners’ President and Co-CIO, Maarten Terlouw, shared his enthusiasm for partnering with Salmon in its mission to expand financial inclusion across Southeast Asia. “Consumer lending is one of the fastest-growing segments in Southeast Asia,” Argentem Creek’s CEO and Founder Daniel Chapman noted, “We are convinced that credit-focused fintechs like Salmon have a tremendous opportunity.”
Salmon now employs over 140 professionals at its Manila headquarters and partners with Sunprime Finance Inc. and FHL Financing Company, Inc., registered with the SEC in the Philippines.