Salmon catches $7-M IFC outlay
The International Finance Corp. (IFC), the World Bank arm that is focused on the private sector, is investing $7 million in Philippine consumer fintech firm Salmon Group Ltd. to promote financial inclusion in the country through new credit products and a lifestyle banking offering.
In a statement on Thursday, IFC said its investment is part of Salmon’s $25-million fundraising activity that attracted other local and foreign investors, namely Singapore-based private equity fund Northstar Group, ADQ/Lunate and a few more funders.
Salmon, which provides short-term loans to consumers who are underserved by traditional banks, will use the fresh capital to develop offerings to be launched in the second half of 2024.
IFC said it will work with Salmon to “further strengthen its role as a responsible lender.”
“This strategic investment reflects our confidence in Salmon’s vision of providing modern, affordable, and easy-to-access banking services to every Filipino,” said Jean-Marc Arbogast, country manager for the Philippines at IFC.
Salmon operates and owns Rural Bank of Sta. Rosa Laguna Inc. In December 2023, Salmon received its banking license from the Bangko Sentral ng Pilipinas (BSP), which allowed it to expand the range of financial services to include deposit accounts, debit and credit cards, and other transactional products.
Founded in July 2022, the company uses artificial intelligence-enabled technology to enhance its credit scoring capabilities and a proprietary credit engine to offer consumer loans, such as Salmon Credit that allows consumers to borrow up to P50,000.
