Consumer fintech Salmon based in the Philippines has secured a $20 million debt facility from US Argentem Creek Partners. The debt transaction sets a new benchmark as the largest-ever debt financing for a Series A tech company in the Philippines. Also, it positions the company as one of the fastest-growing fintechs in Southeast Asia.
With this debt facility, Salmon will expand its loan book, leveraging its existing point-of-sale and cash loan lending. It will also launch new disruptive products in the second half of 2023.
Salmon Co-founder Raffy Montemayor commented: “We are tremendously humbled by the strong investor interest, as well as Argentem Creek’s support for Salmon’s vision to create the best credit-led fintech in Southeast Asia and for making financial services more accessible to all. This transaction also conveys a message of hope to many young and aspiring Filipinos, highlighting to them the incredible opportunities that the global investment community sees in the Philippines today. Financial inclusion will be an important driver of sustainable economic growth in the Philippines, and Salmon is committed to continuing to play a key role in this transformation.”
Argentem Creek Partners President and Co-CIO Maarten Terlouw commented: “Argentem Creek Partners is delighted to deliver an important component of Salmon’s capital structure. We are a long-term value-oriented investor and are excited to support Salmon in its ambitious drive to expand financial inclusion across the region, as well as to provide best-in-class customer service and make lending more accessible to consumers in the region.”
Argentem Creek Partners’ CEO and Founder Daniel Chapman commented: “Consumer lending is one of the fastest growing segments in Southeast Asia. We are convinced that the new generation of credit-focused fintechs like Salmon has a tremendous opportunity and that Argentem Creek could play an important role in driving forward financial inclusion in these exciting markets”.
Access to financial products made seamless
Salmon was founded in July 2022 in Manila, the Philippines, by a group of fintech and banking veterans, including Pavel Fedorov, George Chesakov, and Raffy Montemayor. The fintech aims to liberate customers from the mundane process and to quell their fears by providing them with more financial freedom while also saving their time and energy to focus on what truly matters to them in their daily lives.
In year one, the fintech has expanded rapidly, launching its first credit product only four months after inception and delivering new product launches every three months.
