Salmon Group Secures $100-M to Expand Digital Banking in Philippines

Philippines-based Salmon Group has secured $100 million in fresh financing to accelerate the growth of its digital banking and lending platform in the country.

Salmon Group secures fresh funding to scale digital banking services in the Philippines. (Photo: Salmon Philippines Facebook)

The funding round was significantly oversubscribed, reflecting strong investor confidence in the company’s business model and execution in one of Southeast Asia’s fastest-growing consumer finance markets, according to a report by Pulse 2.0.

The package combines equity and debt financing. It includes a $60 million equity round led by Spice Expeditions, with participation from Washington University Investment Management Company, Moore Strategic Ventures, FJ Labs, and existing investors.

The company also raised $40 million through a public bond issuance under its Nordic bond program.

Salmon is targeting the Philippines’ large underserved population, where many consumers remain underbanked despite rapid digital adoption.

Through its BSP-licensed bank and SEC-licensed financing arm, the company aims to challenge traditional financial institutions by focusing on speed, accessibility, and user experience.

The newly raised equity will be used to expand product offerings, strengthen nationwide distribution, increase the capitalization of Salmon Bank, and scale the company’s balance sheet.

The bond financing, priced at an effective yield of 13.7%, will support continued growth in its lending portfolio.

Founded in 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon has rapidly expanded its presence in the Philippines.

The company said its mobile app has gained traction, achieving a 4.8 rating across major platforms and ranking among the country’s leading financial applications.

Salmon offers a range of financial products, including flexible credit services and deposit options, as it works toward building a comprehensive financial services platform tailored to Filipino consumers.

The company is backed by global investors such as International Finance Corporation, ADQ (via Lunate), Antler, and other institutional and local stakeholders.

“This round validates what we’ve been building—an always-on bank and financial services platform for Filipinos, operated with discipline and a long-term mindset,” Fedorov said.

He added that the company plans to expand its product suite, extend its reach, strengthen its capital base, and further improve customer experience.