Salmon raises $88m to expand digital banking across Southeast Asia

By Vriti Gothi

Salmon Group Ltd., a Philippines-based FinTech firm, has raised $88 million through a Nordic bond drawdown and new equity from global investors to simplify access to credit across Southeast Asia.

The fundraise includes a $60 million drawdown under a landmark $150 million Nordic bond framework, and $28 million in new equity led by Spice Expeditions, LP, a FinTech-focused venture capital firm founded by former Ribbit Capital partner Nick Huber. The equity component also attracted participation from top-tier institutional investors, including Antler Elevate, alongside existing shareholders such as the International Finance Corporation (IFC), ADQ/Lunate, Northstar, Back in Black Capital, and prominent local investors in the Philippines.

Together, the bond and equity financing make this one of the largest fintech investments in the Philippines in recent years, bolstering Salmon’s position as a category-defining digital financial institution in the market.

Founded in 2022, Salmon operates a BSP-regulated bank and SEC-licensed financing company, with a mission to transform banking for underserved populations through a credit-led, technology-first model. Salmon’s AI-powered credit engine and digital platform deliver seamless access to consumer loans, high-yield deposits, and user-friendly mobile banking.

Salmon’s mobile app boasts market-leading user satisfaction ratings of 4.8 stars on the App Store and 4.7 stars on Google Play, with 92% of customers recommending Salmon to friends and family. The company also offers one of the highest-yield time deposit products in the market at 8.88% per annum, reinforcing its value proposition to savers in an inflation-conscious environment.

Salmon’s reach has expanded rapidly, now encompassing over 3,000 retail partner locations nationwide, serving a growing customer base with personalised financial tools designed to improve everyday financial well-being.

With this funding, Salmon will deepen its footprint across the Philippines while laying the groundwork for future expansion across Southeast Asia. The company plans to introduce next-generation financial products, enhance AI-driven underwriting models, and broaden its Shariah-compliant offerings to serve more diverse and underserved populations.

Raffy Montemayor, Co-founder of Salmon Group Ltd., said, “This milestone reflects the trust our customers and investors place in our mission to drive financial inclusion in the Philippines. With AI-powered technology, we’re making credit more accessible and deposits more rewarding. Backed by top-tier investors, we’re excited to expand our reach, launch new products, and build one of the most customer-centric financial institutions in the country.”