The financing comprised a drawdown of $60 million under a three-year, $150 million Nordic bond framework agreement and an additional $20 million in equity from US institutional investors such as Antler Elevate, IFC (International Finance Corporation), ADQ/Lunate, NorthStar, Back in Black Capital, and Filipino investors.
Furthermore, Spice Expeditions, a venture capital company focused on global fintech, led the equity round. This bond transaction marks one of the first such issuances by a technology firm from Southeast Asia into the Nordic market.
Previously, Salmon received a $7 million investment from IFC in May 2024 as part of their Series A extension round, alongside Northstar Group and other local and international investors. The funds were intended to support the development of new credit products and lifestyle banking offerings that Salmon planned to launch towards the end of 2024.
Salmon’s Strategic Plans with the Funding
Achieving a combined investment of $88 million, this deal represents one of the largest recent investments in the Philippine financial technology sector. With these new funds, Salmon is poised to expand its reach and improve access to financial services across Southeast Asia.
Currently, Salmon’s solutions are accessible both online and through 3,000 locations nationwide, offering four consumer credit products that help individuals better their lives. By leveraging this investment and the skills of its team, Salmon aims to enhance its market position in the financial services industry throughout Southeast Asia.