Salmon Group, a financial technology firm based in the Philippines, has successfully completed a dual-tranche financing round. This includes USD 60 million in new equity and a concurrent public bond offering of USD 40 million.

The new equity was led by Spice Expeditions, with additional participation from Washington University Investment Management Company, Moore Strategic Ventures, FJ Labs, and existing investors.

Proceeds from the public bond offering were priced at a yield of 13.7% within Salmon’s established USD 150 million Nordic bond programme. These funds will be used to expand the lending portfolio. Meanwhile, the equity capital is earmarked for accelerating product expansion, enhancing distribution across the Philippines, bolstering Salmon Bank’s financial position, and expanding the group’s overall balance sheet capacity.

Context and Regulatory Position

Operating through Salmon Bank, which holds licenses from both the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission, Salmon Group aims to serve a large underbanked population in a market experiencing rapid digitalization of financial services.

The Philippines presents a considerable opportunity for consumer finance due to the high proportion of adults lacking access to formal banking or credit products. Additionally, smartphone penetration and digital payment adoption are growing swiftly. Salmon positions itself as an always-on bank and financial services super-app, targeting everyday Filipino consumers.

By diversifying its funding base through both equity and public debt, Salmon Group supports ongoing balance sheet growth and effective capital management as it scales lending operations.

Pavel Fedorov, Co-Founder of Salmon Group, commented that the recent financing round validates the company’s progress toward becoming an always-on bank and financial services super-app for Filipinos. He believes this capital will enable faster product development, broader reach, improved capitalization, and enhanced customer experience.