Salmon Group Ltd, a credit-focused fintech based in the Philippines, has announced raising $100 million in fresh capital through a mix of equity and public bonds.
The financing round includes $60 million in equity, anchored by US-based venture firm Spice Expeditions, according to the announcement.
Washington University Investment Management Company, Moore Strategic Ventures, and FJ Labs, alongside existing backers, also participated in the equity round.
The remainder comprises a $40-million public bond issuance priced at a 13.7% yield under the firm’s Nordic bond programme.
Salmon said proceeds from the equity raise will fund product expansion, deepen its distribution network, and strengthen the capital base of its banking unit. The bond proceeds will be used to scale its lending portfolio.
“The capital will allow us to move faster on every front: more products, more reach, even greater capitalisation of Salmon Bank, and better experience for our customers,” said Pavel Fedorov, co-founder of Salmon Group.
In September last year, Salmon said it raised $50 million through a Nordic bond. It also raised $88 million—$60 million from its Nordic bond and $28 million in equity led by US venture capital firm Spice Expeditions in June.
Salmon, which operates a licensed bank in the Philippines, was founded in July 2022 by Fedorov, George Chesakov, and Raffy Montemayor.
It has carved out a strong foothold in the underserved consumer credit segment in the Philippines, where only around 10 million people out of its 115 million population have credit cards.
The dual-tranche structure reflects a broader trend among Southeast Asian fintechs tapping both equity and debt markets to diversify funding sources amid volatile global capital conditions.
Salmon is backed by a mix of global and regional investors, including the International Finance Corporation, Abu Dhabi’s ADQ/Lunate, and venture firm Antler.
Fedorov earlier told DealStreetAsia that the Nordic bond market offers the benefits of strong depth, a well-tested legal framework, and the ability to put in place scalable bond programmes–allowing us to leverage all the legal work from the first drawdown for future raises.
