Salmon Group, a technology-driven financial services company building a banking and lending platform across Southeast Asia, announced that it has secured $100 million in financing to accelerate its growth in the Philippines. The round, which was significantly oversubscribed, reflects strong investor confidence in the company’s model and execution within one of the region’s fastest-growing consumer finance markets.
The financing consists of two components, including a $60 million equity round led by Spice Expeditions, with participation from Washington University Investment Management Company, Moore Strategic Ventures, FJ Labs, and existing investors. The remaining $40 million was raised through a public bond issuance as part of the company’s Nordic bond program.
Salmon is targeting a large and underserved market in the Philippines, where a significant portion of the population remains underbanked despite rapid adoption of digital financial services. Operating through its BSP-licensed bank and SEC-licensed financing company, the firm has positioned itself as a challenger to traditional banks by focusing on speed, accessibility, and user experience.
The equity proceeds will be used to expand the company’s product offerings, strengthen its distribution network across the Philippines, increase the capitalization of Salmon Bank, and grow the overall balance sheet capacity of the group. Meanwhile, the bond financing, priced at an effective yield of 13.7%, will support the continued expansion of its lending portfolio.
The dual-tranche structure enables Salmon to diversify its funding sources while maintaining a disciplined approach to capital management. The successful bond issuance, completed amid volatile global market conditions, signals strong investor confidence in the company’s credit profile and growth outlook.
Founded in 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon has rapidly scaled its presence in the Philippines. Its mobile application has gained significant traction, earning a 4.8 rating on both the App Store and Google Play, positioning it among the highest-rated financial apps in the country.
The company offers a range of financial products, including credit services with extended grace periods and competitive deposit offerings, as it works toward building a comprehensive financial services platform tailored to everyday consumers.
Salmon is backed by a range of global investors, including IFC, part of the World Bank Group, ADQ/Lunate, Antler, and prominent Filipino investors, as it continues to expand its footprint in Southeast Asia.
KEY QUOTES
“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. By now, Salmon App is one of the most loved (4.8 in App Store and Google Play) financial mobile apps in the country and one of the most reliable, with 99.9% uptime. We offer the best deals in the market – Salmon Credit has the longest grace period of up to 62 days, Salmon Bank offers one of the most appealing 8% term deposit rates, and exciting new products will soon offer fantastic deals to our customers. We are proud to have some of the world’s most respected investors joining us for this next chapter of growth. The capital will allow us to move faster on every front: more products, more reach, even greater capitalization of Salmon Bank, and better experience for our customers,”
Pavel Fedorov, Co-Founder, Salmon Group
