News Summary

• Salmon, a Manila-based consumer finance app, just raised $60 million in equity and $40 million in debt to bring digital banking to Filipinos.
• The Philippines has millions of unbanked adults, and its consumer lending market is starting to catch up.
• The startup is currently building out a full suite of financial products, including revolving credit lines, installment loans, cash loans, motorbike loans, and deposits.
• Its credit product offers up to a 62-day grace period, which Fedorov says makes it interest-free for borrowers who pay on time.