Salmon Group, a Philippines-based financial technology company, has raised USD 100 million through a dual-tranche financing round comprising USD 60 million in new equity and a concurrent USD 40 million public bond offering.
The equity round was led by Spice Expeditions, with participation from Washington University Investment Management Company, Moore Strategic Ventures, FJ Labs, and existing investors.
The USD 40 million bond offering was priced at a yield of 13.7% within Salmon's existing USD 150 million Nordic bond programme, with proceeds allocated to growing the company's lending portfolio. The equity capital will be deployed to accelerate product expansion, deepen distribution across the Philippines, improve Salmon Bank's capitalisation, and grow the group's overall balance sheet capacity.
Market context and regulatory positioning
Salmon Group operates through Salmon Bank, licensed by the Bangko Sentral ng Pilipinas, and a Securities and Exchange Commission-licensed financing company. The dual-licence structure enables the group to offer a range of regulated banking and consumer finance products to a large underbanked population in a market characterised by growing digital adoption of financial services.
The Philippines presents a significant opportunity in consumer finance: a substantial proportion of the adult population remains without access to formal banking or credit products, while smartphone penetration and digital payment adoption continue to expand rapidly. Salmon positions itself as an always-on bank and financial services super-app targeting everyday Filipino consumers.
The dual-tranche structure diversifies Salmon's funding base across equity and public debt, supporting sustained balance sheet growth and capital management as the company scales lending volumes.
Commenting on the news, Pavel Fedorov, Co-Founder of Salmon Group, said the round validates what the company has been building, an always-on bank and financial services super-app for every Filipino, and that the capital will allow it to move faster on products, reach, capitalisation, and customer experience.
