Philippine-based financial technology firm Salmon Group Ltd has raised $88 million in a mix of debt and equity to expand its lending operations and digital banking platform, as it sets up a $150 million Nordic bond framework to support its growth strategy across Southeast Asia.
The fundraising includes a $60 million drawdown under a three-year Nordic bond agreement, marking the first-ever Nordic bond issuance by a Southeast Asian tech firm, and $28 million in new equity led by U.S. venture capital firm Spice Expeditions LP, with participation from Antler Elevate and existing investors such as the International Finance Corporation, Abu Dhabi sovereign wealth fund ADQ/Lunate, Northstar, and Back in Black Capital.
The combined funding represents one of the largest recent investments in the Philippine fintech industry, boosting Salmon’s position as one of the country’s top challenger banks.
Founded in 2022, Salmon operates a BSP-regulated bank, the Rural Bank of Sta. Rosa Laguna, and several licensed lending entities.
The firm offers a suite of credit products, including installment loans, cash loans, and revolving credit lines, supported by a proprietary AI-based credit engine.
Salmon’s mobile application holds a 4.8/4.7 rating on the Apple App Store and Google Play, respectively, and is available both online and through over 3,000 partner locations nationwide.
The company also offers a time savings deposit product with an 8.88% interest rate—one of the highest among Philippine banks.
Proceeds from the latest round will be used to scale Salmon’s loan book, expand its customer base, and enhance its banking infrastructure.
The Nordic bond structure is expected to facilitate future capital raises under a unified legal framework, replicating models used by fintech players in Europe and Latin America.
Salmon plans to use the Philippines as a springboard for broader Southeast Asian expansion, with additional markets under evaluation for 2026.
Business News Asia
