Salmon Capital Corporation

What Salmon Capital Corporation does

Salmon Capital Corporation (operating as Salmon Group) is a Philippines-headquartered fintech incorporated in 2022 by former Tinkoff executives Pavel Fedorov, George Chesakov, and Raffy Montemayor. The company targets underbanked and unbanked Filipino consumers — a population where only about 25% have access to formal credit per BSP data — through a dual structure combining a BSP-licensed bank (Rural Bank of Sta. Rosa, Laguna, acquired 59.7% in January 2024) with SEC-licensed financing subsidiaries (FHL Financing Company and Sunprime Finance). Its product portfolio centers on point-of-sale installment financing at partner merchants (SM Store, Vans Philippines, FC Home Center, ZeHelmet), a revolving credit line (Salmon Credit) with QR Ph payment integration, cash loans, and time deposit savings products.

The platform is built around a proprietary AI/ML credit engine that assigns personalized credit limits and adjusts them based on purchase and repayment behavior, combined with a lightweight mobile app (under 6MB, available on iOS, Android, and Huawei App Gallery) enabling loan origination, payments, and account management. Distribution is hybrid: digital self-service through the app, in-person sales ambassadors at partner retail locations processing applications in 10-15 minutes, plus an extensive repayment network spanning GCash, Maya, major Philippine banks, 7-Eleven, Cebuana Lhuillier, ECPay's 490,000+ OTC touchpoints, and 600,000+ QR Ph-enabled merchants.

Salmon earns revenue primarily through transaction fees on consumer lending — POS interchanges where merchants receive proceeds upfront and customers repay in installments, plus interest/fee revenue on cash loans and revolving credit lines. The licensed bank also generates a deposit-funded spread, highlighted by a market-leading 8.88% time deposit rate for 12-month deposits above PHP 500,000. As of May 2024, the bank reported PHP 440M in deposits, a PHP 400M loan portfolio, and PHP 66M YTD revenue (up 432% versus full-year 2023). The company has raised approximately $161M cumulatively across its $16M Series A (2022), $20M debt facility (2023), $25M Series A-1 (2024), and $100M dual-tranche financing (2026), with backers including ADQ, IFC, Northstar Group, DisruptAD, and Spice Expeditions.

Name

Salmon Capital Corporation

Legal name

Fintech Holdings Ltd

Website

https://salmon.group

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Salmon is a Philippines-based fintech group providing AI-driven consumer lending, credit lines, and digital banking services to underbanked Filipinos through a BSP-licensed bank and SEC-licensed financing subsidiaries, distributed via mobile app and retail partner point-of-sale financing.

Ownership category

akta.pro rank

Headquarters

HQ city

Manila

HQ country

Philippines

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Consumer Lending - Point-of-Sale Financing: Point-of-sale installment loans where customers can finance purchases at partner merchants over multiple monthly installments. Merchants receive full payment upfront while customers pay over time.
2. Credit Line Products (Salmon Credit): Revolving credit line with QR Ph payment options, providing flexible access to credit for daily spending needs. Customers can increase limits based on purchase and repayment behavior.
3. Deposit-Taking (Rural Bank): Accepts customer deposits through the licensed Rural Bank of Sta. Rosa (Laguna), offering competitive time deposit rates (8.88% for 12-month deposits over PHP 500,000).

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels4 records

Core offering

Salmon is a fintech group that provides digital banking, consumer lending, and savings products to underbanked and unbanked Filipinos through an AI-driven platform. The company offers point-of-sale installment financing, revolving credit lines (Salmon Credit), cash loans, and time deposit savings, operating through a BSP-licensed bank (Rural Bank of Sta. Rosa, Laguna) and SEC-licensed financing subsidiaries. Distribution combines a mobile app with point-of-sale financing at partner merchants and bank branches.

Product overview

Salmon is a fintech company operating a dual business model combining a licensed bank (Rural Bank of Sta. Rosa/Laguna) with SEC-licensed financing subsidiaries (Sunprime Finance Inc., FHL Financing Company Inc.). The product portfolio centers on consumer lending led by Salmon Credit (credit line with QR Ph), Salmon Installment/POS Lending, and Salmon Cash Loans, supported by time deposit savings products. All credit products are powered by a proprietary AI/ML credit engine for credit scoring and personalized limit assignment. The platform distributes through a consumer mobile app (iOS/Android/Huawei), point-of-sale merchant network, and bank branches, with integrated payment channels including GCash, Maya, major Philippine banks, ECPay, and QR Ph.

Differentiator

Problem solved

Functional benefit

Brands

• Salmon Credit: Credit line product with built-in QR Ph payment options providing flexible access to credit for daily spending needs
• Salmon Installment
• Salmon Cash Loans

Products and services

• Salmon Credit Credit line product with built-in QR Ph payment functionality that provides flexible access to credit for daily spending needs without separate loan applications. AI-powered credit engine assigns and adjusts personalized limits based on purchase and repayment behavior. For underbanked Filipino consumers.
• Salmon Installment / POS Lending Point-of-sale financing allowing customers to purchase products at partner merchants and pay in flexible monthly installments. Partner merchants receive sale proceeds upfront while customers defer payment. For underbanked Filipino consumers at retail partner locations.
• Salmon Cash Loans Short-term consumer loans providing immediate access to cash for underserved and unbanked Filipinos. AI-enabled credit assessment for quick approval.
• Time Deposit Savings Time deposit savings product with market-leading 8.88% annual interest rate on 12-month deposits exceeding PHP 500,000. Available exclusively at Rural Bank of Sta. Rosa/Laguna branches for Filipino savers.
• Salmon Mobile App Consumer mobile application available on iOS, Android, and Huawei App Gallery. AI-optimized performance with lightweight design (<6MB). Enables financial monitoring, loan management, QR Ph payments, and auto-debit setup for underbanked Filipino consumers.

Quantifiable outcome

• 92% of clients would recommend Salmon to friends and family
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

AI capability4 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and flagship.

• ECPaycoreTechnology or Integration · 25 April 2024Strategic partnership with leading electronic payment systems provider offering 490,000+ OTC and 3,000+ digital payment touchpoints across Philippines. Enables customers without traditional bank accounts to easily make loan repayments through extensive network.
• AllBank (A Thrift Bank), Inc.coreTechnology or Integration · 3 April 2024Partnership to introduce QR Ph-enabled payment solution enabling seamless, secure, and convenient loan repayments. AllBank extends its QR Ph-P2M system to Salmon merchants and customers, facilitating transactions through QR code scanning.
• QR PhcoreTechnology or Integration · 20 September 2023Integration with Philippines' QR code standard enabling payments at 600,000+ QR Ph-enabled merchant locations. Simplifies payment process and extends accessibility for Salmon Credit customers.
• Vans PhilippinescoreChannel Partner/ Reseller/ Distributor · 3 July 2023Point-of-sale financing partnership enabling customers to purchase Vans Footwear, Apparel and Accessories using installment payments at select Metro Manila stores (34 stores planned).
• FC Home CentercoreChannel Partner/ Reseller/ Distributor · 14 June 2023Partnership with top 10 Philippine retailer offering POS financing for home appliances, furniture, kitchenware, and mobile phones. Target of 106 active stores in Metro Manila and Luzon.
• GCashcoreTechnology or Integration · 3 April 2023E-wallet integration enabling loan repayments and QR Ph payments through the Salmon app.
• MayacoreTechnology or Integration · 3 April 2023E-wallet integration enabling loan repayments and QR Ph payments through the Salmon app.
• SM StoreflagshipChannel Partner/ Reseller/ Distributor · 20 February 2023Largest retailer in Philippines - customers can now buy products using Salmon point-of-sale service with installment financing. Partnership adds significant merchant network across the country.
• ZeHelmetcoreChannel Partner/ Reseller/ Distributor · 24 November 2022First retail partner - motorbike helmet store in Bulacan offering Salmon's point-of-sale loan for installment purchases. Helped validate the business model in early days.

Scale indicators16 records

Recent moves7 records

Expansion highlights8 records

Broad incumbents

• UnionBank of the Philippines: UnionBank is a major Philippine universal bank with a digital banking app and online lending products. It is an incumbent that competes with Salmon for digital-first Filipino consumers and payment integrations.
• GCash (Globe Fintech Innovations): GCash is the dominant Philippine e-wallet and payments super-app, now offering credit and savings products. It is a much larger incumbent that Salmon must compete against for underbanked consumer mindshare.
• Tinkoff (TCS Group): Tinkoff is Russia's leading digital bank founded by Salmon co-founders Pavel Fedorov and George Chesakov. It serves as the strategic and operational template for Salmon's digital banking playbook, though operating in a different market.

Emerging players

• Kredivo: Kredivo is an Indonesia-headquartered digital consumer lending and BNPL platform serving underbanked Southeast Asian consumers — comparable product model and target segment to Salmon, though operating in a different geography.
• Akulaku: Akulaku is a Southeast Asian consumer finance and BNPL platform with operations across Indonesia, Philippines, Vietnam, and Malaysia. It targets underbanked consumers with installment credit, partially overlapping with Salmon's SE Asia expansion thesis.
• Atome Financial: Atome is a Southeast Asian BNPL and consumer credit platform operating across Singapore, Indonesia, Philippines, Vietnam, and Malaysia. It competes at the merchant financing level and represents a regional expansion overlap for Salmon.

Direct peers

• Home Credit Philippines: Home Credit Philippines is a major consumer finance provider offering POS installment loans and credit products to underbanked Filipinos, directly mirroring Salmon's core product proposition.
• BillEase: BillEase is a Philippines-focused BNPL and consumer lending platform serving underbanked consumers with installment credit at online and offline merchants — a direct competitor in POS financing.
• Tonik Digital Bank: Tonik is a Philippines-licensed digital-only bank offering deposits, loans, and savings products. Same BSP-licensed neobank model targeting the same underbanked Filipino consumer base.
• Maya Bank: Maya (formerly PayMaya) is a Philippines-licensed digital bank offering deposits, payments, credit, and lending products — a direct competitor to Salmon in targeting underbanked Filipinos with a mobile-first banking stack.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookm.me/salmonphilippines
• LinkedInlinkedin.com/company/salmon-robotics-limited

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Salmon Capital Corporation