Salmon Secures $88M to Accelerate Fintech Expansion Across Southeast Asia

Philippines-based fintech and banking company Salmon Group has secured USD 88 million in fresh funding to accelerate its expansion across Southeast Asia. The round includes a USD 60 million drawdown from a three-year USD 150 million Nordic bond framework, as well as USD 28 million in new equity.

The equity funding round drew support from a mix of existing and new investors, including blue-chip U.S. institutional backers and Antler Elevate. Returning investors included Northstar, Back in Black Capital, the International Finance Corporation, Abu Dhabi’s sovereign wealth fund ADQ/Lunate, and a group of Filipino stakeholders. The capital will help Salmon advance its goal of expanding credit access in emerging markets using innovative fintech solutions.

The equity portion of the raise was led by Spice Expeditions, a global fintech-focused venture capital firm launched by former Ribbit Capital partner Nick Huber. The bond deal marks a milestone as the first Nordic bond issuance by a Southeast Asian tech company. At a total of USD 88 million, the transaction stands among the largest recent investments in the Philippine fintech sector.

The company had previously secured a USD 7 million investment from IFC in May 2024, part of a USD 25 million Series A extension aimed at supporting new product development and the launch of lifestyle banking offerings.

With the latest capital infusion, Salmon plans to expand its AI-powered credit services and increase access to consumer financing in the Philippines and beyond. The company is targeting underserved segments by offering digital credit solutions through its own bank and financing company, both licensed in the Philippines.

Co-founder Pavel Fedorov highlighted Salmon’s mission to transform banking across Southeast Asia by replacing outdated legacy systems with tech-enabled, customer-first solutions. He emphasized the role of the company’s proprietary AI tools in making credit more accessible and improving overall service quality.

Founded in mid-2022 by Fedorov, George Chesakov, and Raffy Montemayor, Salmon operates a range of consumer lending products—including credit lines, installment plans, and cash loans. The firm also gained regulatory approval earlier this year to acquire a majority stake in the Rural Bank of Sta. Rosa is marking a key step in its transition to a full digital bank.

Salmon’s offerings are available both online and through more than 3,000 locations across the Philippines, with four credit products aimed at expanding access to financial services. Building on this reach, the company plans to use the new funding and its experienced team to strengthen its role in Southeast Asia’s financial sector.

In 2023, Salmon’s BSP-regulated bank launched a time deposit product with an 8.88% interest rate—among the highest in the Philippines—supported by the growth of its consumer loan portfolio. The company expressed confidence that this latest funding round will help accelerate its push toward becoming a leading fintech player in the region.