Fintech Firm Salmon Group Eyes Hiking Loan Portfolio In PH To $2-B

Financial technology firm Salmon Group Ltd. has set its sights on a significant expansion of its loan portfolio in the Philippines, targeting USD 2 billion (PHP 100 billion) within the next three to five years.

Utilizing AI-enabled technology and a proprietary credit engine, Salmon Group offers consumer loans like Salmon Credit, Salmon Installment, and Salmon Cash Loans. I Image: Salmon Philippines Facebook

Raffy Montemayor, Chairman of Rural Bank of Sta. Rosa (Laguna) and Co-Founder of Salmon Group, shared the firm's ambitious plans, aiming for an annual net income of USD 200 million (PHP 10 billion) from the Philippines alone.

The fintech firm, which acquired a 59.7-percent controlling stake in the Rural Bank of Sta. Rosa in January 2024, has seen a substantial increase in the bank’s total deposits, rising by 439 percent to PHP 440 million by May 2024.

This growth has enabled the bank to deploy these deposits into installment and cash loans via its sister company, Sunprime Finance Inc., which serves underserved and underbanked Filipinos.

Salmon Group has also injected fresh capital into the bank to enhance its technology and human resources, preparing for the launch of its mobile app and debit card later this year, pending approval from the Bangko Sentral ng Pilipinas (BSP).

This capital boost increased the bank’s equity to PHP 385 million by June, a remarkable 1,075-percent year-on-year increase.

The group's efforts are backed by the International Finance Corporation, Northstar Group, ADQ, and other international and Filipino investors. Utilizing AI-enabled technology and a proprietary credit engine, Salmon Group offers consumer loans like Salmon Credit, Salmon Installment, and Salmon Cash Loans.