Salmon Group Ltd., an innovative consumer financial technology company that focuses on providing short-term credit to consumers underserved by traditional banks., said it secured a $7-million investment from the International Finance Corporation , a member of the World Bank Group.
“By pioneering investment in AI-enabled products in the country that will disrupt the market and traditional lenders, we hope to fill important gaps in the banking industry,” he said. IFC joins the $25-million Series A extension round as a lead investor alongside Northstar Group, a Singapore-headquartered private equity fund, ADQ/Lunate and other local and international investors.The capital will enable Salmon to develop new credit products and a lifestyle banking offering, which Salmon plans to launch in the second half of 2024. IFC will also work with Salmon to further strengthen its role as a responsible lender.