Salmon Group Ltd, a fast-growing financial services firm based in the Philippines, has raised US$88 million to strengthen its mission of reshaping banking across Southeast Asia. The new funds will support its plans to offer more accessible credit and better financial services using advanced technology and artificial intelligence (AI).
You’ll want to watch this space—Salmon isn’t just another fintech startup. The latest investment includes a US$60 million drawdown under a three-year US$150 million Nordic bond framework and US$28 million in fresh equity. This combined total makes the transaction one of the biggest fintech deals in the Philippines this year.
Backed by global investors and industry leaders
The new equity round was led by Spice Expeditions, LP, a venture capital firm launched in 2024 by Nick Huber, a partner at Ribbit Capital. The round also drew support from top-tier U.S. institutional investors and existing Salmon backers. These include the International Finance Corporation, Abu Dhabi’s sovereign wealth fund ADQ/Lunate, Northstar, Back in Black Capital, and several high-profile Filipino investors.
Notably, the US$60 million bond drawdown represents the first-ever Nordic bond issuance by a Southeast Asian tech company. This move shows Salmon’s growing credibility internationally and ability to attract serious capital for its expansion.
Aiming to revolutionise banking in Southeast Asia
You’ve probably experienced how traditional banks can sometimes fail—poor service, outdated systems, and limited access to credit. Salmon co-founder Pavel Fedorov says that’s exactly what the company wants to change.
“Salmon is on a mission to revolutionise banking in Southeast Asia. For too long, legacy banks have offered substandard products and services. The Philippines is a clear example of this,” said Fedorov.
He highlighted Salmon’s AI-driven platform as a key to unlocking better financial experiences. Despite being just two and a half years old, Salmon already has one of the highest-rated financial apps in the country. It offers four credit products, operates at over 3,000 physical locations, and is present online—making it easier for you and millions of others to access essential financial tools.
One standout feature? Its 8.88% deposit rate—the highest in the Philippines. Fedorov explained this is possible due to Salmon’s tech-based model and minimal need for physical branches, with the savings passed directly to depositors.
Building a tech-driven bank for the future
Salmon isn’t stopping at consumer loans and high-yield deposits. The company operates under a Bangko Sentral ng Pilipinas (BSP)-regulated bank, the Rural Bank of Sta. Rosa Laguna holds licenses from the Securities and Exchange Commission (SEC) for its lending operations.
The goal is to build a credit-led, tech-first bank throughout Southeast Asia—starting with the Philippines.
Founded in July 2022 by industry veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon leverages a proprietary credit engine and AI-powered technology. Its flagship products—Salmon Credit, Salmon Installment, and Salmon Cash Loans—are designed to offer a simpler, more customer-friendly alternative to traditional banking services.
Looking ahead, this US$88 million raise gives Salmon the resources it needs to lead the fintech charge in the region. With strong investor backing and a forward-thinking team, Salmon positions itself as a serious player in Southeast Asia’s financial future.
