Salmon raises $100M in equity and debt to bring digital credit to underbanked Filipinos | TechCrunch

Last day to exhibit your breakthrough to 10,000+ tech leaders at Disrupt is on Oct 2. Book Exhibit Table Now. Disrupt doors open Oct. 13. Get your pass and bring someone with you at 50% off. REGISTER NOW. 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. “We saw that the Philippines and broader Southeast Asia were proving themselves in terms of innovation,” Fedorov said in an interview with TechCrunch. “The Philippines is probably one of the most exciting markets for disruption in the financial services industry in the world.” Indeed, the Philippines is one of the most active mobile markets in the world, with a young, tech savvy population, and is often