The Philippines, with its tech-savvy population and burgeoning digital market, is seeing a financial services revolution. Salmon, a consumer finance app founded by former Tinkoff executives in Manila, recently raised $100 million to bring digital banking to millions of unbanked Filipinos.

Salmon’s unique approach includes acquiring a 1963-established rural bank to secure its license and rapidly building out financial products such as credit lines and installment loans. The app promises quick decision-making, with applications assessed in just 20 seconds—a stark contrast to the cumbersome traditional lending process.

Faced with a market where obtaining a loan can take weeks, Salmon offers an immediate solution through digital means. By leveraging behavioral data rather than credit history, it aims to democratize access to finance. The company’s credit products provide up to 62-day grace periods, making them interest-free for timely payments.

With backing from major investors such as Spice Expeditions and ADQ, Salmon has ambitious plans. It seeks to scale its operations while exploring international expansion within the next two years. The dual structure of equity and debt financing aligns with its business model, ensuring both operational growth and loan funding.