Salmon Group raises USD100 million in equity and bond financing for Philippine growth

Manila, 20 April 2026 — Salmon Group today announced a USD100 million financing round: USD60 million in equity from US and existing investors, alongside a concurrent USD40 million public bond offering, to fund its growth in the Philippines.

The Philippines has a large underbanked population and growing adoption of digital financial services. Salmon has operated in this market for 3 years through Salmon Bank (Rural Bank) Inc., its BSP-licensed bank, and Salmon Finance Inc., its SEC-licensed financing company. Backed by the International Finance Corporation (IFC) and ADQ/Lunate, Salmon has built a track record of responsible lending and deposit-taking.

The equity portion of the round totals USD60 million and is led by Spice Expeditions and The Washington University Investment Management Company (WashU IMC), with participation from Moore Strategic Ventures, FJ Labs, IFC, and other existing investors. Salmon plans to use the proceeds to expand its product lineup, grow its distribution network across the Philippines, and increase its balance sheet capacity.

Alongside the equity close, Salmon issued USD40 million in public bonds, priced at 102% of par for an effective yield of 13.7%. Global fixed-income investors placed the offering amid volatile capital markets, continuing a trend of tighter pricing across Salmon’s past bond issuances. Proceeds will support the continued growth of Salmon’s lending portfolio. The dual-tranche structure — combining equity and public debt — diversifies Salmon’s funding base and supports its balance sheet growth.

“This round is validation of what we have been building: an always-on, AI-enabled bank and finance company for everyday Filipinos, run with discipline and a long-term mindset. By now the Salmon app is one of the most loved (4.8 rating in App Store and Google Play) mobile apps in the country. We are proud to have some of the world’s most respected investors alongside us for this chapter. The added capital will allow us to move faster on every front: more products, more reach, and better experience for our customers; a significant share of equity raised will be deployed to further enhance the capital base of our subsidiary bank, Salmon Bank (Rural Bank),” said Pavel Fedorov, Co-founder of Salmon Group.

 

About Salmon Group Ltd
 

Salmon Group is a technology-driven financial services holding company building a banking and lending platform across Southeast Asia, starting with the Philippines. The Group operates a BSP-licensed bank, Salmon Bank (Rural Bank) Inc.; an SEC-licensed financing company, Salmon Finance Inc.; and a growing suite of financial products — all delivered through the Salmon app, a modern money app built for everyday Filipinos. Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon is backed by IFC (World Bank Group) and ADQ/Lunate. The Salmon app is rated 4.8 in both the App Store and Google Play, one of the highest ratings for a financial services app in the Philippines.