Salmon Raises $100 Million to Shake Up How Filipinos Borrow and Save

What if your next loan, savings account, or credit app came from a company that feels more like a tech platform than a traditional bank? That shift is exactly what Salmon Group is betting on, and it just secured $100 million to speed things up in the Philippines.

The takeaway is simple: Salmon Group is getting heavily funded to expand its digital banking and lending platform across the Philippines, where millions still rely on limited or traditional financial services. The $100 million financing round is split between $60 million in new equity and a $40 million public bond offering.

For everyday users, this is not just investor news. It signals more aggressive competition for your wallet. Faster loan approvals, higher savings rates, and more digital-first banking products are coming as Salmon tries to position itself against legacy banks in a market where many people remain underbanked.

The equity portion, worth $60 million, was led by Spice Expeditions and included Washington University Investment Management Company (WUIMC), Moore Strategic Ventures, FJ Labs, and existing investors. Salmon says the money will expand its products, grow its distribution across the Philippines, strengthen Salmon Bank’s capitalization, and scale its balance sheet.

Salmon Co-Founder Pavel Fedorov described the company as building an “always-on bank and financial services super-app for every Filipino.” He pointed to the Salmon App’s 4.8 rating on both the App Store and Google Play, a 99.9% uptime record, Salmon Credit offering grace periods of up to 62 days, and Salmon Bank term deposits offering up to 8% rates.

At the same time, Salmon raised $40 million through public bonds priced at a 13.7% yield under its $150 million Nordic bond program. The bonds were placed with global fixed income investors even amid volatile markets, with proceeds aimed at expanding its lending portfolio.

Salmon operates through a BSP-licensed bank, Salmon Bank (Rural Bank) Inc., and an SEC-licensed financing company, Salmon Finance Inc. Backers include IFC (World Bank Group), ADQ/Lunate, Antler, and other investors.

Behind the numbers, the real story is competition: more digital banks are chasing the same customers, and that usually means faster products, sharper offers, and more pressure on traditional lenders to keep up.