Philippines-based Salmon Group has secured USD 140 million in financing, including commitments from Spice Expeditions, WashU, and Moore.
The company said the capital will go towards growing its lending activities and introducing new products, including motorcycle loans and loans for micro, small, and medium enterprises (MSMEs). The package combines USD 90 million in commitments from Spice Expeditions, WashU, and Moore with USD 50 million in bond proceeds.
According to Salmon, the financing will support two of its existing business lines: its credit line offering and its in-store lending operations. It will also fund the nationwide rollout of the motorcycle and MSME loan products, meaning that the new offerings are planned for availability across the Philippines rather than in selected regions.
Regulatory structure
Salmon operates through two licensed entities. Salmon Bank (Rural Bank) Inc is authorised by the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, while Salmon Finance Inc holds a licence from the Securities and Exchange Commission. The group therefore runs its activities under two separate regulatory frameworks, one covering banking and the other covering non-bank lending.
Funding history and returning investors
The latest financing follows two earlier capital raises within roughly 16 months. In June 2025, Salmon raised USD 88 million and set up a USD 150 million Nordic bond framework agreement. In April 2026, the company raised a further USD 100 million.
Spice Expeditions has backed Salmon in more than one round. It led the equity portion of the June 2025 financing. At that time, Salmon offered four consumer credit products online and at 3,000 locations across the Philippines. The April 2026 round combined USD 60 million in new equity with a USD 40 million public bond offering. The bond was priced at a 13.7% yield under the existing USD 150 million Nordic bond programme. Spice Expeditions again led the equity tranche, with participation from Washington University Investment Management Company, Moore Strategic Ventures, FJ Labs, and existing shareholders.
Like the April 2026 round, the October 2026 package combines investor capital with bond proceeds. This continues Salmon’s practice of funding its lending portfolio through both equity and debt.
