Read The Times Australia

Daily Bulletin

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

Business News

How Immigration Lawyers Can Help

Introduction Visa decisions can shape employment, family life, study plans, travel, and future residence. A small omission can lead to delay, added expense, or refusal. Immigration lawyers assess l...

Daily Bulletin - avatar Daily Bulletin

How Industrial Drying Equipment Supports Efficient Processing

Many industrial processes require moisture to be removed from compressed air, products or process materials before they move to the next stage. Excess moisture can affect equipment performance, produc...

Daily Bulletin - avatar Daily Bulletin

Practical Ways a Whiteboard Can Improve Workplace Communication

Effective communication helps teams stay organised, share ideas and keep track of important information. While digital tools are now common in many workplaces, a whiteboard continues to provide a simp...

Daily Bulletin - avatar Daily Bulletin

Designing Eco-Friendly Custom Water Bottles for Your Next Event

The Evolution of Sustainable Event Merchandise Event planning has undergone a massive transformation over the last decade. Gone are the days when organizers could hand out cheap, single use plastic...

Daily Bulletin - avatar Daily Bulletin

Why Choosing a Professional Florist Melbourne Makes Flower Delivery Impactful

Flowers have a great power to speak when humans cannot express their feelings with right words. Flowers are the best gifts when you are celebrating a birthday or welcoming a newborn child into your fa...

Daily Bulletin - avatar Daily Bulletin

The Business Case for Choosing Australian Fabricators Over Imported Alternatives

For a long time, you might have defaulted to overseas suppliers when sourcing fabricated metal components for a project. The unit price was lower on paper, and the maths seemed straightforward. That...

Daily Bulletin - avatar Daily Bulletin

Australian organisations are relying on business continuity plans built for a far more predictable world

Tariff escalations, supply chain fragility, geopolitical events, and the ongoing threat of cyber disruption have reshaped the risk environment facing Australian organisations. The problem is that ma...

Daily Bulletin - avatar Daily Bulletin

How to Rent a Car for Uber in Melbourne: What Every New Driver Needs to Know

Starting out as an Uber driver in Melbourne is not as complicated as it sounds but getting the vehicle right is where most new drivers get stuck. Uber has strict requirements around vehicle age, condi...

Daily Bulletin - avatar Daily Bulletin

When Should You Speak to a Lawyer About a Legal Issue?

Legal issues can begin with a simple question, then become harder to manage once formal steps are involved. Many people wait until a matter feels urgent before seeking guidance, even though earlier ...

Daily Bulletin - avatar Daily Bulletin

The Daily Magazine

Choosing an ELISA Format That Matches Your Target

A colorimetric ELISA ends with a plate that has developed color, and the instinct is to read more ...

Why Accurate Measurements Matter When Ordering Flatpack Cabinets

Ordering flatpack cabinets can make a renovation or storage project more manageable, but the proce...

How Long Does Interstate Freight Take in Australia?

If you have ever arranged for stock, equipment or materials to travel from one Australian state to a...

How AEC Firms Can Scale Faster Without Sacrificing Project Quality

Growth presents a fundamental dilemma for architecture, engineering, and construction firms: expan...

What Makes an Aesthetic Clinic Worth Going Back To?

Trying an aesthetic clinic for the first time can feel like a bit of a gamble. You can read review...

Elevate Your Morning Routine with Cafe-Style Coffee at Home with the Right Coffee Machine

There's something magical about that first sip of coffee in the morning. It’s more than just a bev...

Top Garment Steamers for Busy Professionals in Australia

The gap between garment steamers built for a quick touch-up and ones built to keep pace with a wor...

Correct Sleeping Posture to Minimize Back Strain

Most people don’t pay much attention to how they sleep until they start waking up with a stiff bac...

Why Product Longevity Matters for Sustainable Australian Buildings

Sustainability in building design is often associated with recycled materials, renewable resources a...