Salmon raises $88 million to expand in the Philippines, sets up $150 million Nordic bond framework

Manila, 17 June 2025 — Salmon Group Ltd raised $88 million to expand its lending and deposit-taking business in the Philippines. The technology-driven financial company, which operates a BSP-regulated bank and an SEC-licensed financing company in the country, combined a $60 million drawdown from a new 3-year, $150 million Nordic bond framework agreement with $28 million in new equity.

The equity round was led by Spice Expeditions, LP, a venture capital firm focused on global financial technology. Spice was founded in 2024 by Nick Huber, previously a partner at Ribbit Capital. New U.S. institutional investors, including Antler Elevate, joined the round alongside existing Salmon shareholders: the International Finance Corporation, ADQ/Lunate (the sovereign wealth fund of Abu Dhabi), Northstar, Back in Black Capital, and a group of Filipino investors.

The $60 million drawdown falls under the new Nordic bond framework agreement, which Salmon said is the first Nordic bond issuance by a Southeast Asian technology-driven financial company.

Raffy Montemayor, Co-founder of Salmon, said:

“This funding milestone is a testament to the trust our customers and investors place in Salmon’s mission to drive financial inclusion in the Philippines. Millions of Filipinos still struggle with limited access to fair and transparent credit, while traditional banks often fail to meet their needs. We’ve built Salmon to change that — by leveraging AI and cutting-edge technology, we’re making credit more accessible, deposits more rewarding, and financial services simpler for every Filipino.

Today, we have one of the highest-rated financial apps in the country, over 3,000 partner stores nationwide, and one of the highest time deposit rates in the market at 8.88% per annum. But this is just the beginning. With this new funding, we will expand our reach, introduce more innovative products, and accelerate our vision of building the most customer-centric and innovative financial institutions in the Philippines. We are proud to be a Philippine fintech champion, backed by world-class investors, and fully committed to empowering Filipinos with the financial tools they need and deserve.”

About Salmon Group Ltd
Salmon Group Ltd operates a BSP-regulated bank, the Rural Bank of Sta. Rosa (Laguna), Inc., and a SEC-licensed financing company, Sunprime Finance Inc., in the Philippines. Salmon is on a mission to build a credit-led, technology-centric bank in Southeast Asia, with the Philippines as its first market.

Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon uses AI-enabled technology and a proprietary credit engine to offer consumer credit, providing differentiated simplicity, quality of service, and convenience to its customers.

Salmon’s mobile application is rated 4.8/4.7 in the App Store/Google Play — one of the highest ratings for a financial services app in the Philippines. Among Salmon customers, 92% recommend its services to their friends and family.

In 2024, Salmon’s BSP-regulated bank, on the back of the strength of its consumer loan portfolio, launched a Salmon Time Deposit, which at 8.88% offers one of the most appealing time deposit rates across the Philippines.