Philippine-based consumer fintech company Salmon has announced a $20 million debt facility deal with Argentem Creek Partners, a U.S. investment firm specializing in emerging markets.
This development will propel Salmon’s scaling operations in the Philippines, allowing it to augment its loan book and introduce groundbreaking products in the second half of 2023.
Despite turbulent market conditions, Salmon completed the debt transaction, establishing a precedent as the largest ever debt financing for a Series A tech firm in the Philippines.
This milestone solidifies Salmon’s position as one of the fastest-growing fintechs in Southeast Asia, an impressive feat for a company founded less than a year ago in July 2022.
The founders of Salmon, Pavel Fedorov, George Chesakov, and Raffy Montemayor, are industry veterans who led an expert team to achieve swift and profitable growth.
Since its establishment, Salmon has rapidly expanded, introducing its first credit product within four months of inception and launching new products every three months thereafter.
Raffy Montemayor, Salmon’s co-founder, expressed gratitude for the investor support and Argentem Creek’s faith in Salmon’s vision of becoming the leading credit-driven fintech in Southeast Asia.
The transaction also serves as an inspiring message to young Filipinos about the potential opportunities in the global investment sector.
Argentem Creek Partners’ President and Co-CIO, Maarten Terlouw, expressed delight in becoming a crucial part of Salmon’s capital structure and voiced support for the company’s ambitious goal to broaden financial inclusion across the region.
Meanwhile, CEO and Founder Daniel Chapman remarked that consumer lending is one of Southeast Asia’s fastest-growing sectors and believes that Salmon and Argentem Creek can significantly advance financial inclusion in these burgeoning markets.