Salmon Group, a leading emerging markets financial services firm operating a financing company and a BSP-regulated bank in the Philippines, has completed an $88 million fundraising round to further its mission of providing cutting-edge financial services and improving access to credit across Southeast Asia.
The funding includes a $60 million drawdown under a three-year $150 million Nordic bond framework agreement and $28 million in new equity raised from major US institutional investors, including Antler Elevate and existing shareholders.
Salmon’s current investor base includes the International Finance Corporation, Abu Dhabi’s sovereign wealth fund ADQ/Lunate, Northstar, Back in Black Capital, and prominent Filipino investors.
The equity round was led by Spice Expeditions, LP, a venture capital firm focused on global financial services. Spice was founded by Nick Huber, previously a partner at Ribbit Capital. The bond issuance marks the first-ever Nordic bond transaction by a Southeast Asian technology firm.
With a total of $88 million in combined funding, the transaction is among the largest recent investments in the Philippines’ fintech sector, positioning Salmon among the country’s top challenger banks.
Commenting on the development, Salmon Co-founder Pavel Fedorov said, “Salmon is on a mission to revolutionise banking in Southeast Asia. For too long, legacy banks in the region have provided substandard products and services. The Philippines is a prime example. At Salmon, we believe in our proprietary AI solutions and technology to bring customers better products—particularly improved access to credit.”
“Even though Salmon is only two and a half years old, today we have one of the highest-rated financial service apps in the Philippines (4.8 on the App Store and 4.7 on Google Play), are available online and in over 3,000 locations nationwide, and offer four consumer credit products aimed at improving lives. Our BSP-regulated bank also offers the country’s highest deposit rate at 8.88%, thanks to our tech-driven, low-infrastructure model,” Fedorov added.
“With the successful closing of this transaction and the strength of Salmon’s exceptional team, we are ready to take a leadership role in financial services across Southeast Asia. We are grateful to our new and existing investors for their trust and support.”
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