Google AI
The Times Australia

Times Media Advertising

Salmon Raises $88 Million To Grow Its Business In The Philippines, Sets Up A $150 Million Nordic Bond Framework Agreement For Scaling Up

MANILA, PHILIPPINES - Media OutReach Newswire - 17 June 2025 - Salmon Group Ltd ("Salmon"), a leading emerging markets financial services firm, operating a financing company and BSP-regulated bank in the Philippines, announces the completion of a $88MM fundraise to double down on its commitment to bring cutting-edge financial services and simplify access to credit across Southeast Asia.



The funding transaction consists of the $60MM drawdown under a 3-year $150MM Nordic bond framework agreement and $28MM of new equity raised from blue-chip US institutional investors, Antler Elevate as well as existing shareholders of Salmon. The list of existing investors of Salmon includes International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, Northstar, Back in Black Capital and prominent Filipino investors.

The equity round was led by Spice Expeditions, LP ("Spice"), a venture capital firm focused on global financial services. Spice was founded by Nick Huber, who was a partner at Ribbit Capital prior to launching the firm in 2024. The bond transaction marks the first-ever Nordic bond issuance by a technology firm out of Southeast Asia. At $88MM of combined funding the transaction is one of the largest recent investments in the Philippines financial technology industry, propelling Salmon to the top ranks of challenger banks in the Philippines.

Commenting on the transaction, Pavel Fedorov, Co-founder of Salmon, noted that "Salmon is on a mission to revolutionise banking in Southeast Asia. For too long the legacy banks in the region provided sub-standard product, service and customer experience, and the Philippines is the case in point of this. At Salmon, we believe in the quality of our technology and proprietary AI solutions to bring customers better products, of which the most empowering is access to credit. Even though Salmon is only two and a half years old, today we have one of the highest-rated financial service applications in the Philippines (rated 4.8/4.7 in App Store/Google Play), are present both online and at 3,000+ locations across the country and offer four consumer credit products that unlock access to better lives for millions. The 8.88% deposit rate offered by our BSP-regulated bank is the highest in the Philippines as we pass cost efficiencies of our tech-centric model and limited branch infrastructure directly to bank depositors. With successful closing of this transaction and with the strength of Salmon's one-of-a-kind team, we will be taking Salmon to leadership positions in the financial services industry across Southeast Asia. We are grateful to new and existing investors for their trust and support of our vision."
Hashtag: #Salmon



The issuer is solely responsible for the content of this announcement.

About Salmon

Salmon Group Ltd. operates a BSP-regulated bank (the Rural Bank of Sta. Rosa Laguna), and SEC-licensed lending companies in the Philippines. The company is on a mission to build the best credit-led technology-centric bank in Southeast Asia with the Philippines representing its first market of operation.

Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov and Raffy Montemayor, Salmon uses AI-enabled technology and a proprietary credit engine to offer consumer credit (Salmon Credit, Salmon Installment, and Salmon Cash Loans), providing differentiated simplicity, quality of service and convenience to its customers. Salmon's mobile application is rated 4.8/4.7 in App Store/Google Play – one of the highest ratings for a financial services app in the Philippines; 92% of Salmon customers recommend its services to their friends and family. In 2024, Salmon's BSP-regulated bank on the back of the strength of its consumer loan portfolio launched a Salmon time savings deposit, which at 8.88% offers one of the most appealing deposit rates across the Philippines.

For more information visit: https://salmon.ph

Times Magazine

The Human Supplement Craze Has Officially Gone to the Dogs (Literally)

Australians’ appetite for supplements is no longer limited to their own vitamin cabinets. New reta...

AI Guilt: It’s Real — But it is irrational

Artificial intelligence is rapidly becoming one of the most powerful tools ever made available to ...

Australians Are Keeping Their Cars Longer — And It’s Changing The Market

Australia’s car market is undergoing a subtle but important transformation. People are keeping th...

Streaming Fatigue: Australians Overwhelmed By Subscriptions

Streaming was once supposed to simplify entertainment. Instead, many Australians now feel overwhe...

Why Shopping Centres No Longer Feel Exciting

There was a time when going to the shopping centre felt like an event. Families spent entire Satu...

Harry And Meghan: Less Powerful As Royals, More Powerful As Content

For all the claims of “Harry and Meghan fatigue”, the world’s media still cannot stop talking abou...

The Times Features

Nationals move Bill to protect women. Sall Grover inter…

Matt Canavan  All good. Look, well, it's great to be here with my friend and colleague, Alison Pe...

The Human Supplement Craze Has Officially Gone to the D…

Australians’ appetite for supplements is no longer limited to their own vitamin cabinets. New reta...

The Teals: Can They Spoil Australia’s New Attraction to…

Australian politics is shifting again. For years, the dominant national contest revolved around L...

Property Paralysis: Buyers Hesitate As Australia’s Hous…

Australia’s property market may still be active, but beneath the auctions, listings and glossy rea...

The Return Of Practical Luxury: Buyers Want Quality Aga…

For years, consumer culture revolved around speed and abundance. Fast fashion.Fast furniture.Fast...

People Are Going Out Less — And Businesses Know It

Restaurants are full on some nights. Concerts still sell tickets. Sporting events attract crowds. ...

Why Shopping Centres No Longer Feel Exciting

There was a time when going to the shopping centre felt like an event. Families spent entire Satu...

The Liberal Party Faces Its Greatest Question Since Men…

When Robert Menzies founded the Liberal Party of Australia in the aftermath of World War II, Austr...

The Noise Around the 2026 Federal Budget Does Not Match…

Every time the government changes the rules around property investment, the same thing happens. Ph...