Salmon Raises $88 Million to Grow its Business in the Philippines, Sets Up a $150 Million Nordic Bond Framework Agreement for Scaling Up

Manila, June 17, 2025 – Salmon Group Ltd (“Salmon”), a leading emerging markets financial technology firm operating a financing company and BSP-regulated bank in the Philippines, announces the completion of an $88MM fundraise to double down on its commitment to bring cutting-edge fintech and simplify access to credit across Southeast Asia.

The funding transaction consists of a $60MM drawdown under a 3-year $150MM Nordic bond framework agreement and $28MM of new equity raised from blue-chip U.S. institutional investors, Antler Elevate, as well as existing shareholders of Salmon. The list of existing investors includes the 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 fintech. 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 Philippine financial technology industry, propelling Salmon to the top ranks of challenger fintech players in the country.

Commenting on the transaction, Raffy Montemayor, Co-founder of Salmon and a veteran of the Philippine banking industry, noted:

"This funding milestone is a testament to the trust our customers and investors place in Salmon’s mission to drive financial inclusion in the Philippines. Millions of Filipinos still struggle with limited access to fair and transparent credit, while traditional banks often fail to meet their needs. We’ve built Salmon to change that — by leveraging AI and cutting-edge technology, we’re making credit more accessible, deposits more rewarding, and financial services simpler for every Filipino.

Today, we have one of the highest-rated financial apps in the country, over 3,000 partner stores nationwide, and one of the highest time deposit rates in the market at 8.88% per annum. But this is just the beginning. With this new funding, we will expand our reach, introduce more innovative products, and accelerate our vision of building the most customer-centric and innovative financial institutions in the Philippines. We are proud to be a Philippine fintech champion, backed by world-class investors, and fully committed to empowering Filipinos with the financial tools they need and deserve."

About Salmon (https://salmon.ph)

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

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, providing differentiated simplicity, quality of service, and convenience to its customers.

Salmon’s mobile application is rated 4.8/4.7 in the App Store/Google Play — one of the highest ratings for a financial services app in the Philippines. Ninety-two percent 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 deposit, which at 8.88% offers one of the most appealing time deposit rates across the Philippines.