Salmon Group Ltd (Salmon) has announced the completion of a USD $88 million fundraise. This funding will support the company’s efforts to expand financial services and credit access within Southeast Asia.

The funding comprises a USD $60 million drawdown from a new three-year, USD $150 million Nordic bond framework agreement, alongside USD $28 million in new equity. The equity was raised from a group of institutional investors, including Antler Elevate, as well as existing Salmon shareholders.

Notable existing investors include the International Finance Corporation, Abu Dhabi’s sovereign wealth fund ADQ/Lunate, Northstar, and Back in Black Capital, in addition to several Filipino investors.

Spice Expeditions, LP (Spice), a venture capital firm with a focus on global fintech, led the equity round. Spice was founded in 2024 by Nick Huber.

The bond transaction represents an initial Nordic bond issuance by a technology firm from Southeast Asia. This combined funding of USD $88 million is among the larger recent investments in the Philippine financial technology sector.

Pavel Fedorov, Co-Founder of Salmon, commented on the funding round. He talked about the company’s commitment to revolutionising banking in Southeast Asia.

He noted that traditional banks in the region often deliver substandard products and customer experiences, citing the Philippines as an example. Fedorov expressed confidence in Salmon’s technology and AI solutions to provide superior financial products, especially access to credit.

He highlighted Salmon’s rapid growth, mentioning their mobile app, nationwide presence, and four consumer credit products. Fedorov also pointed out that their BSP-regulated bank offers an 8.88% deposit rate.

He concluded that this new funding, combined with their team, will enable Salmon to achieve leadership in Southeast Asia’s financial services sector.

“We are grateful to new and existing investors for their trust and support of our vision,” he said.