Salmon Group Ltd, a financial services firm operating a BSP-regulated bank and SEC-licensed lending companies in the Philippines, has completed an $88 million fundraise. This capital injection is intended to support the company’s expansion of financial services and enhance access to credit across Southeast Asia, with a primary focus on the Philippines.
The funding comprises a $60 million drawdown from a three-year, $150 million Nordic bond framework agreement, alongside $28 million in new equity. The equity round saw participation from blue-chip US institutional investors, Antler Elevate, and existing shareholders. Notable existing investors include International Finance Corporation, Abu Dhabi’s sovereign wealth fund ADQ/Lunate, Northstar, Back in Black Capital, and prominent Filipino investors. Spice Expeditions, LP, a venture capital firm founded in 2024 by Nick Huber, formerly a partner at Ribbit Capital, led the equity raise.
This transaction marks the first Nordic bond issuance by a technology firm from Southeast Asia. The $88 million combined funding is one of the largest recent investments within the Philippines’ financial technology sector, positioning Salmon among the top challenger banks in the country.
Pavel Fedorov, Co-founder of Salmon, stated that the company aims to modernize banking in Southeast Asia. He noted that Salmon leverages its technology and proprietary AI solutions to deliver accessible credit products. Despite being operational for two and a half years, Salmon’s financial services application maintains high ratings (4.8 in the App Store and 4.7 in Google Play) in the Philippines. The company has an online presence and operates through over 3,000 physical locations nationwide, offering four consumer credit products: Salmon Credit, Salmon Installment, and Salmon Cash Loans. The firm’s BSP-regulated bank also provides a time savings deposit account with an 8.88% interest rate, a competitive offering in the Philippines, attributed to its technology-centric model and limited branch infrastructure.
Salmon Group Ltd, established in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, focuses on building a credit-led, technology-centric bank in Southeast Asia, with the Philippines as its initial market. The company utilizes AI-enabled technology and a proprietary credit engine to provide simplified, high-quality, and convenient services to its customers. According to Salmon, 92% of its customers recommend its services. In 2024, the Salmon time savings deposit was launched, building on the strength of its consumer loan portfolio.
