Salmon Group, a technology-driven financial company building a banking and lending platform across Southeast Asia, today announces a $100 million financing round, marking a significant milestone in enhancing the company’s growth trajectory in the Philippines. The transaction was significantly oversubscribed, underscoring strong investor confidence in Salmon’s business model and its ability to execute its vision in one of Southeast Asia’s most dynamic consumer finance markets.
The Philippine consumer finance market presents a highly compelling opportunity with a large underbanked population and rapidly expanding digital adoption of financial services. Salmon Group, operating through its BSP-licensed bank and SEC-licensed financing company, in just three years of operations has established itself as a key challenger to legacy banks, with relentless focus on improving customer experience and differentiating itself with the speed and quality of execution of its vision.
Equity Financing – $60 Million
The equity component totals $60 million and features a roster of prominent US-based venture investors. The round was led by Spice Expeditions; it also includes participation from Washington University Investment Management Company (WUIMC), Moore Strategic Ventures, FJ Labs, and other existing investors of Salmon. The proceeds will be deployed to accelerate Salmon’s product expansion, deepen its distribution network across the Philippines, further enhance the capitalization of Salmon Bank, and grow the overall balance sheet capacity of Salmon Group.
“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 most loved (4.8 in App Store and Google Play) financial mobile apps in the country and one 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,” said Pavel Fedorov, Co-Founder of Salmon Group.
Public Bond Financing – $40 Million
Alongside the equity round, Salmon Group successfully issued $40 million in public bonds, priced at an effective yield of 13.7% within its existing $150 million Nordic bond program. The offering placed with leading global fixed income investors was executed amid volatile global capital market conditions, and its successful issuance reflects the market’s recognition of Salmon’s credit quality and growth fundamentals. The bond proceeds will support the continued scaling of Salmon’s lending portfolio.
The dual-tranche structure – combining equity and public debt – diversifies Salmon’s funding base and positions the company for sustained balance sheet growth while maintaining a disciplined approach to capital management.
About Salmon Group
Salmon Group is a technology-driven financial services holding company building a banking and lending platform across Southeast Asia, starting with the Philippines. The Group operates a BSP-licensed bank, Salmon Bank (Rural Bank) Inc.; an SEC-licensed financing company, Salmon Finance Inc.; and a growing suite of financial products – all delivered through the Salmon app, a modern money app built for everyday Filipinos. Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon is backed by leading US venture investors, IFC (World Bank Group), ADQ/Lunate, Antler as well as prominent Filipino investors. The Salmon app is rated 4.8 in both the App Store and Google Play, one of the highest ratings for a financial services app in the Philippines.
