Salmon's $88 Million Surge: A New Wave in Philippine Finance
June 18, 2025, 9:34 am
In the bustling heart of Manila, a financial revolution is brewing. Salmon Group Ltd, a rising star in the Southeast Asian financial services landscape, has just secured $88 million in funding. This isn't just a drop in the bucket; it's a tidal wave aimed at transforming access to credit in the Philippines.
The funding round is a mix of old and new. It includes a $60 million drawdown from a three-year, $150 million Nordic bond framework agreement. The remaining $28 million comes from fresh equity, led by Spice Expeditions, a venture capital firm with a keen eye for financial innovation. Other notable investors include the International Finance Corporation and the sovereign wealth fund of Abu Dhabi, ADQ/Lunate.
Founded in July 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon is not your typical bank. It operates a BSP-regulated bank and several SEC-licensed lending companies. The firm leverages AI technology and a proprietary credit engine to offer consumer credit products that are as simple as they are effective. Think of it as a breath of fresh air in a stuffy room of traditional banking.
Salmon's mission is clear: to revolutionize banking in Southeast Asia. The founders believe that legacy banks have long provided subpar products and services. They aim to change that narrative. With a user-friendly mobile application rated 4.8 on the App Store and 4.7 on Google Play, Salmon is already making waves. Their services are available online and at over 3,000 locations across the Philippines.
The funding will be used to expand operations and enhance development efforts. Salmon plans to double down on its commitment to simplifying access to credit. This is not just about numbers; it’s about lives. The company offers four consumer credit products: Salmon Credit, Salmon Installment, and Salmon Cash Loans. Each product is designed to empower customers, unlocking better financial opportunities.
One standout feature is the 8.88% deposit rate offered by Salmon's BSP-regulated bank. This is the highest in the Philippines, a testament to the company's tech-centric model. By passing cost efficiencies directly to depositors, Salmon is redefining what it means to save in the country.
The Nordic bond issuance is particularly noteworthy. It marks the first time a technology firm from Southeast Asia has ventured into this territory. This move not only solidifies Salmon's position in the financial sector but also sets a precedent for future tech firms in the region.
The financial technology landscape in the Philippines is ripe for disruption. With a population of over 113 million, many Filipinos still lack access to basic banking services. Traditional banks often overlook these potential customers, leaving a gap that Salmon is eager to fill. The company’s innovative approach to consumer credit is a lifeline for those who have been marginalized by conventional banking systems.
Salmon's founders are veterans in banking and technology. Their combined experience is a powerful engine driving the company forward. They understand the pain points of consumers and are committed to addressing them. The team’s vision is ambitious, yet grounded in reality. They aim to create a credit-led, technology-centric bank that not only serves the Philippines but also sets the stage for expansion across Southeast Asia.
The financial services industry is not just about numbers; it’s about trust. Salmon has quickly built a reputation for quality service. A staggering 92% of its customers recommend its services to friends and family. This level of customer satisfaction is rare in the financial sector, where trust is often hard to come by.
As Salmon prepares to scale its operations, the potential for growth is immense. The company is positioned to capture a significant share of the market. With the backing of prominent investors and a clear vision, Salmon is on the brink of becoming a household name in the Philippines.
In conclusion, Salmon's recent funding round is more than just a financial milestone. It represents a shift in the way banking is perceived and delivered in Southeast Asia. With innovative technology, a commitment to customer service, and a mission to empower individuals, Salmon is not just riding the wave; it’s creating one. The future of finance in the Philippines looks bright, and Salmon is leading the charge. As they say, fortune favors the bold, and Salmon is boldly redefining the financial landscape.
The funding round is a mix of old and new. It includes a $60 million drawdown from a three-year, $150 million Nordic bond framework agreement. The remaining $28 million comes from fresh equity, led by Spice Expeditions, a venture capital firm with a keen eye for financial innovation. Other notable investors include the International Finance Corporation and the sovereign wealth fund of Abu Dhabi, ADQ/Lunate.
Founded in July 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon is not your typical bank. It operates a BSP-regulated bank and several SEC-licensed lending companies. The firm leverages AI technology and a proprietary credit engine to offer consumer credit products that are as simple as they are effective. Think of it as a breath of fresh air in a stuffy room of traditional banking.
Salmon's mission is clear: to revolutionize banking in Southeast Asia. The founders believe that legacy banks have long provided subpar products and services. They aim to change that narrative. With a user-friendly mobile application rated 4.8 on the App Store and 4.7 on Google Play, Salmon is already making waves. Their services are available online and at over 3,000 locations across the Philippines.
The funding will be used to expand operations and enhance development efforts. Salmon plans to double down on its commitment to simplifying access to credit. This is not just about numbers; it’s about lives. The company offers four consumer credit products: Salmon Credit, Salmon Installment, and Salmon Cash Loans. Each product is designed to empower customers, unlocking better financial opportunities.
One standout feature is the 8.88% deposit rate offered by Salmon's BSP-regulated bank. This is the highest in the Philippines, a testament to the company's tech-centric model. By passing cost efficiencies directly to depositors, Salmon is redefining what it means to save in the country.
The Nordic bond issuance is particularly noteworthy. It marks the first time a technology firm from Southeast Asia has ventured into this territory. This move not only solidifies Salmon's position in the financial sector but also sets a precedent for future tech firms in the region.
The financial technology landscape in the Philippines is ripe for disruption. With a population of over 113 million, many Filipinos still lack access to basic banking services. Traditional banks often overlook these potential customers, leaving a gap that Salmon is eager to fill. The company’s innovative approach to consumer credit is a lifeline for those who have been marginalized by conventional banking systems.
Salmon's founders are veterans in banking and technology. Their combined experience is a powerful engine driving the company forward. They understand the pain points of consumers and are committed to addressing them. The team’s vision is ambitious, yet grounded in reality. They aim to create a credit-led, technology-centric bank that not only serves the Philippines but also sets the stage for expansion across Southeast Asia.
The financial services industry is not just about numbers; it’s about trust. Salmon has quickly built a reputation for quality service. A staggering 92% of its customers recommend its services to friends and family. This level of customer satisfaction is rare in the financial sector, where trust is often hard to come by.
As Salmon prepares to scale its operations, the potential for growth is immense. The company is positioned to capture a significant share of the market. With the backing of prominent investors and a clear vision, Salmon is on the brink of becoming a household name in the Philippines.
In conclusion, Salmon's recent funding round is more than just a financial milestone. It represents a shift in the way banking is perceived and delivered in Southeast Asia. With innovative technology, a commitment to customer service, and a mission to empower individuals, Salmon is not just riding the wave; it’s creating one. The future of finance in the Philippines looks bright, and Salmon is leading the charge. As they say, fortune favors the bold, and Salmon is boldly redefining the financial landscape.