To help expand financial inclusion in the Philippines, the International Finance Corporation (IFC), a member of the World Bank Group, is investing $7 million in Salmon Group Ltd (Salmon), an innovative consumer fintech that focuses on providing short-term credit to consumers underserved by traditional banks.IFC joins this $25 million Series A extension round (Series A-1) as a lead investor alongside Northstar Group, a Singapore-headquartered private equity and venture capital fund manager 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. 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.The majority of Philippines adult population remains underserved by existing banks, especially in access to modern technology-centric credit products. According to the Bangko Sentral ng Pilipinas (BSP) , only 25 percent have access to formal credit.We are excited to support Salmons vision to provide innovative digital banking services and credit solutions to the underserved in Philippines said. We also look forward to partnering the founders of Salmon, IFC, and other investors in the journey to build a market leading consumer fintech business in Philippines.IFC a member of the World Bank Group is the largest global development institution focused on the private sector in emerging markets. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.