Manila:An executive from Salmon Group has expressed optimism about the company's operations, citing the resilience of the Philippine economy and increasing consumer spending as positive indicators for future growth.

According to Philippines News Agency, Salmon Group recently secured an additional capitalization of USD140 million, equivalent to approximately PHP8.88 billion. The company operates app-based financial services registered with the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission, with funding from the International Finance Corporation of the World Bank and some U.S. venture investors.

Pavel Fedorov, co-founder of Salmon, stated that the capital infusion will be used to expand core lending products, introduce new offerings, and strengthen Salmon Bank, which aims to provide deposit and other banking products. Fedorov emphasized the company's commitment to investing heavily in technology and product excellence to ensure a seamless customer experience.

Fedorov revealed that the company plans to allocate a portion of the new funding to continue its rapid momentum, extending credit to millions more borrowers in the coming year through its AI-powered credit engine and advanced technology. He stressed the importance of building trust at scale and accelerating growth responsibly.

Despite the recent increase in domestic interest rates due to elevated inflation, Fedorov remains confident in the growth of consumer credit in the Philippines. He believes that the growth trajectory is structural and will not be significantly affected by interest rate fluctuations. The company has observed improving delinquency rates over the past year and maintains healthy positive unit economics, enabling profitable incremental loans to its customers.