Emerging markets financial technology firm Salmon has recently secured an additional USD 88 million through a fundraising effort aimed at expanding its operations in Southeast Asia. This funding includes a drawdown of USD 60 million from a three-year, USD 150 million Nordic bond framework deal and another USD 20 million in new equity financing, which was secured from US institutional investors, including Antler Elevate, as well as existing shareholders such as the International Finance Corporation, Abu Dhabi ADQ/Lunate, NorthStar, Back in Black Capital, and several Filipino investors.

Key Investors

The equity round was led by Spice Expeditions, a venture capital company focused on global fintech. Notably, this bond transaction marks one of the first such financings by a technology firm out of Southeast Asia within the Nordic bond market.

Prior Investments and Future Plans

This recent funding follows IFC’s USD 7 million investment in Salmon back in May 2024, which was part of a USD 25 million Series A extension round led by NorthStar Group and other local and international investors. The funds raised are intended to support the development of new credit products and a lifestyle banking offering that Salmon plans to introduce later this year.

Salmon’s Goals

With these combined funds, Salmon aims to further its mission of delivering fintech solutions and enhancing access to credit across Southeast Asia. The company currently offers four consumer credit products through both online platforms and 3,000 physical locations in the Philippines. By leveraging this capital and building on their team’s capabilities, Salmon intends to strengthen its presence in the financial services sector.