Salmon Group, a financial technology company, has secured $100 million in a new financing round to accelerate its banking and lending operations across the Philippines.
Salmon’s new financing is comprised of two distinct parts. The first is a $60 million dollar equity round led by Spice Expeditions, with participation from Washington University Investment Management Company, Moore Strategic Ventures, FJ Labs, and other existing investors. These funds are designated to increase the capitalization of Salmon Bank, expand the company’s distribution network, and develop new financial products.
The second part of the financing consists of a $40 million dollar public bond issuance. This was completed at an effective yield of 13.7% as part of an existing 150 million dollar Nordic bond program. Despite volatile global market conditions, the bond was placed with leading global fixed income investors to support the continued scaling of the company’s lending portfolio.
According to Pavel Fedorov, co-founder of Salmon Group, this round is validation of what they have been building: an always-on bank and financial services super-app for every Filipino, run with discipline and a long-term mindset.
Fedorov added that the capital will allow them to move faster on every front: more products, more reach, even greater capitalization of Salmon Bank, and a better experience for their customers.
Salmon currently offers specific market incentives to grow its user base, including a 62-day grace period for its credit product and an 8% interest rate on term deposits at Salmon Bank. The new capital injection is expected to further strengthen Salmon’s balance sheet as it expands its reach throughout the Philippine archipelago.