Salmon has raised $88m to expand its presence in the Philippines and scale its operations across Southeast Asia.
The latest funding round comprises a $60m drawdown from a 3-year $150m Nordic bond framework and $28m in new equity. The equity portion attracted participation from leading US institutional investors, Antler Elevate, and existing shareholders including the International Finance Corporation, ADQ/Lunate, Northstar, Back in Black Capital, and prominent Filipino investors. The equity round was led by venture capital firm Spice Expeditions.
Salmon provides consumer credit and digital banking solutions through its financing company and a BSP-regulated bank in the Philippines. The company positions itself as a challenger to traditional banks in the region, focusing on providing innovative, tech-enabled financial services that enhance access to credit for underserved populations.
The capital raised will enable Salmon to strengthen its footprint in the Philippines and pursue broader expansion across Southeast Asia. The bond issuance also marks a milestone as the first Nordic bond ever issued by a technology firm in Southeast Asia.
The company currently offers four consumer credit products and is present both online and in over 3,000 locations nationwide. Its banking app ranks among the highest-rated in the Philippines, with 4.8 stars on the App Store and 4.7 on Google Play. Salmon’s BSP-regulated bank offers an 8.88% deposit rate, the highest in the country, which the firm attributes to its tech-driven efficiencies and lean infrastructure.
Salmon co-founder Pavel Fedorov said, “Salmon is on a mission to revolutionise banking in Southeast Asia. For too long the legacy banks in the region provided sub-standard product, service and customer experience, and the Philippines is the case in point of this. At Salmon, we believe in the quality of our technology and proprietary AI solutions to bring customers better products, of which the most empowering is access to credit. Even though Salmon is only two and a half years old, today we have one of the highest-rated financial service applications in the Philippines (rated 4.8/4.7 in App Store/Google Play), are present both online and at 3,000+ locations across the country and offer four consumer credit products that unlock access to better lives for millions.
“The 8.88% deposit rate offered by our BSP-regulated bank is the highest in the Philippines as we pass cost efficiencies of our tech-centric model and limited branch infrastructure directly to bank depositors. With successful closing of this transaction and with the strength of Salmon’s one-of-a-kind team, we will be taking Salmon to leadership positions in the financial services industry across Southeast Asia. We are grateful to new and existing investors for their trust and support of our vision.”
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