Salmon Group, a technology-driven financial services holding company building a banking and lending platform across Southeast Asia, has closed a $100m financing round aimed at accelerating its growth in the Philippines.
The round comprised two tranches: a $60m equity component and a $40m public bond issuance. The equity raise was led by Spice Expeditions, with additional participation from Washington University Investment Management Company (WUIMC), Moore Strategic Ventures, FJ Labs, and a number of Salmon’s existing investors.
The transaction was significantly oversubscribed, reflecting strong investor confidence in the company’s model and its execution in one of the region’s most active consumer finance markets.
Proceeds from the equity tranche will be directed towards expanding Salmon’s product suite, broadening its distribution footprint across the Philippines, strengthening the capitalisation of Salmon Bank, and growing the group’s overall balance sheet capacity.
The $40m bond component, priced at an effective yield of 13.7% under Salmon’s existing $150m Nordic bond programme, was placed with leading global fixed income investors and will support the continued scaling of its lending portfolio. The dual-tranche structure is intended to diversify the group’s funding base and support sustained balance sheet growth.
Salmon Group operates through two regulated entities in the Philippines: a BSP-licensed bank and an SEC-licensed financing company.
Salmon Group co-founder Pavel Fedorov said, “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 the most loved (4.8 in App Store and Google Play) financial mobile apps in the country and one of 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.”
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