The Philippines has millions of unbanked adults, and its consumer lending market is starting to catch up. Salmon, a Manila-based consumer finance app, just raised $60 million in equity and $40 million in debt to bring digital banking to Filipinos.
Salmon was founded by Pavel Fedorov, George Chesakov, and Raffy Montemayor, all of whom previously worked at Russian digital bank, Tinkoff. Montemayor was, in fact, Tinkoff’s first employee in the Philippines, and led the company’s expansion in the country since 2016. In March 2022, the three parted ways with Tinkoff, and launched Salmon.
