Salmon Group has secured $100 million in fresh capital to accelerate its expansion in the Philippines, combining new equity from global investors and a public bond issuance to scale its lending and digital banking operations.
In a statement, the technology-driven financial services firm said the funding round includes $60 million in equity and $40 million in debt, marking a ‘significant milestone’ as it ramps up its presence in one of Southeast Asia’s fastest-growing consumer finance markets.
The transaction was ‘significantly oversubscribed,’ reflecting strong investor appetite despite volatile global market conditions and signaling confidence in the company’s growth strategy, it added.
US-based venture firm Spice Expeditions led the equity tranche, with participation from Washington University Investment Management Co., Moore Strategic Ventures, FJ Labs and existing backers.
Proceeds will be used to expand product offerings, strengthen distribution across the Philippines and boost the capitalization of its banking arm.
‘This round is validation of what we have been building – an always-on bank and financial services super-app for every Filipino, run with discipline and a long-term mindset,’ said Pavel Fedorov, co-founder of Salmon Group.
He said the fresh capital would allow the company to ‘move faster on every front: more products, more reach, even greater capitalization of Salmon Bank and better experience for our customers.’
Alongside the equity raise, the company issued $40 million in public bonds under its existing $150-million Nordic bond program, priced at an effective yield of 13.7 percent. The bonds were placed with global fixed-income investors and will fund the expansion of its lending portfolio.
Salmon said the dual-tranche structure diversifies its funding base and supports sustained balance sheet growth while maintaining ‘a disciplined approach to capital management.’
Founded in 2022, Salmon is backed by international investors including the International Finance Corp., ADQ/Lunate and Antler, alongside Filipino stakeholders, as it seeks to expand its footprint in Southeast Asia starting with the Philippines.