Salmon Group Ltd, a financial technology firm in the Philippines, has raised US$88 million to support its operations and expansion.

The funding includes a US$60 million drawdown from a US$150 million Nordic bond framework and US$28 million in equity funding.

This issuance marks the first Nordic bond by a Southeast Asian technology company.

The equity round was led by venture capital firm Spice Expeditions, with participation from Antler Elevate, the International Finance Corporation, and ADQ/Lunate.

Founded in 2022, Salmon operates a BSP-regulated bank and a financing company in the Philippines. It plans to use the funds to enhance its services and expand across Southeast Asia.

Salmon offers consumer credit products and has received positive ratings on app platforms in the country.

🔗 Source: Salmon

🧠 Food for thought

1️⃣ Bucking the regional investment downturn with substantial funding

Salmon’s $88 million raise stands out against a challenging backdrop for fintech investment across Asia.

KPMG reports that fintech investment in the Asia-Pacific region plummeted to $11.4 billion in H2 2024, marking the lowest level since 2014 amid global economic uncertainties 1.

In the Philippines specifically, fintech investment had previously declined by 51% to $381 million in 2022, with Q4 2022 showing the lowest quarterly deal activity with only three companies raising funds 2.

This context makes Salmon’s funding round particularly significant as one of the largest recent investments in Philippine fintech, demonstrating investor confidence despite the broader market pullback.

The involvement of both new institutional investors and existing shareholders, including sovereign wealth fund participation, suggests strong belief in Salmon’s credit-led model despite being just two and a half years old.

2️⃣ Strategic positioning in a significant financial inclusion gap

Salmon’s focus on credit access directly addresses one of the Philippines’ most pressing financial challenges.

Recent Salmon developments