Fintech firm Salmon completes $88m fundraise
Philippines-based financial services firm Salmon Group has raised $88m to expand its business in the Asian country.
The funding includes a $60m drawdown from a three-year Nordic bond framework agreement valued at $150m, alongside $28m in new equity sourced from US institutional investors and existing shareholders.
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The equity round was spearheaded by Spice Expeditions, a venture capital firm established by Nick Huber.
Investors include the International Finance Corporation, Abu Dhabi’s sovereign wealth fund ADQ/Lunate, Northstar, Back in Black Capital, and various Filipino stakeholders.
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.
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By GlobalDataIn 2024, Salmon obtained regulatory approval from the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) to acquire a controlling interest in the Rural Bank of Sta. Rosa (Laguna).
Founded in July 2022 by industry professionals Fedorov, George Chesakov, and Raffy Montemayor, Salmon Group holds SEC licences for its lending companies in the Philippines.
The firm aims to establish a technology-driven, credit-focused banking model in Southeast Asia, with the Philippines as its initial market.
Founded in July 2022, Salmon leverages AI technology and a proprietary credit engine to provide various consumer credit products, including Salmon Credit, Salmon Installment, and Salmon Cash Loans.
Last year, Salmon’s BSP-regulated bank on the back of the strength of its consumer loan portfolio introduced a Salmon time savings deposit, offering 8.88% deposit rate in the Philippines.
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