Fintech company Salmon reported a 66% increase in downloads of its mobile app in the first half of 2025, alongside a 4.8-star average rating on app stores. The company said this growth reflects increasing customer engagement and is helping to drive gains across its affiliated institutions, including Rural Bank of Sta. Rosa (Laguna) Inc.
The rural bank, which Salmon Group Ltd began operating in 2024, posted a 43% increase in total assets to ₱1.8 billion. Regulated by the Bangko Sentral ng Pilipinas (BSP), the bank is part of Salmon’s efforts to expand financial access in the Philippines. The group also operates Sunprime Finance Inc., a financing company licensed by the Securities and Exchange Commission.
Salmon was founded in July 2020 by fintech veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor with the goal of reaching underserved Filipinos through mobile-first financial services. Their strategy focused on building a scalable, cloud-based platform that could lower operational costs and allow faster decision-making.
“Our technology isn’t just a product, but a pathway to financial inclusion,” said Montemayor, who is also chair of the bank. “By making digital financial services accessible, user-friendly, and secure, Salmon is transforming how underserved Filipinos interact with banking and lending.”
Montemayor said the company uses a data-heavy approach to assess creditworthiness.
“We rely on a lot of information from the app itself and from users who give us permission to access certain data. We also use third-party providers, including the Credit Information Corp.,” he said during a media briefing.
He explained that the company’s use of artificial intelligence and machine learning enables fast, data-driven lending decisions.
The rural bank’s deposit base also expanded significantly. Time and savings deposits grew by 66.7% to ₱952 million. The bank’s profitability metrics outpaced industry averages, with a return on equity (ROE) of 58.9% and a return on assets (ROA) of 24.9%, compared with the rural banking sector’s averages of 15.7% and 2.8%, respectively. Its capital adequacy ratio (CAR) stood at 32.7%, well above the 18.0% BSP benchmark as of the first quarter of 2025.
Montemayor said the group’s strong capital base will support further growth.
In June 2025, Salmon announced it had raised $88 million in combined debt and equity financing. Of that, $28 million (₱1.6 billion) in equity will go toward strengthening the capital position of the bank as it increases its authorized capital to support more lending activities.
Cybersecurity also remains a key part of Salmon’s strategy. The app uses facial recognition, two-factor authentication, and regular system testing to protect user data, features that the company says help build trust among customers new to formal financial services.
Salmon said it plans to continue expanding its digital offerings as it works toward improving access to financial tools for more Filipinos.