Manila:An executive from Salmon Group, a technology-driven banking and lending platform, has expressed optimism about the firm's operations in the Philippines. This positive outlook is attributed to the resilience of the domestic economy and increasing consumer spending.

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

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

Fedorov also highlighted the company's ambition to extend credit to millions more borrowers in the coming year through its AI-powered credit engine and world-class technology. He expressed the importance of building trust with customers, regulators, funding partners, and the market while prioritizing responsible growth.

Despite recent increases in domestic interest rates due to elevated inflation, Fedorov remains optimistic about the growth of lending in the Philippines. He believes that the expansion of consumer credit in the country is a structural trend that will persist despite fluctuations in interest rates.

Fedorov noted that Salmon Group's models are sound, with improving delinquency rates observed over the past year despite macroeconomic challenges. He also stated that the company maintains healthy positive unit economics, enabling profitable incremental loans to its customers.