Salmon is targeting underbanked Filipinos, with little to no credit history, as well as people unhappy with the incumbent lenders' reliability issues.

Round combines $60 million in new equity from leading US venture investors and strong participation of existing investors of Salmon with a concurrent $40 million public bond offering

Salmon Group raises $100m in equity and bonds. The round consisted of $60 million in equity funding led by Spice Expeditions and $40 million raised through public bond issuance. April 21, 2026 Salmon Group, a Philippines-based fintech, has secured $100 million in a new financing round, comprising $60 million in equity funding and $40 million through public bond issuance. The equity component was led by Spice Expeditions and included support from Washington University Investment Management Company (WUIMC), Moore Strategic Ventures, FJ Labs, and other existing backers. According to a company statement, the equity funding, which builds on the $28 million the firm raised in 2025, will be used to "accelerate Salmon's product expansion, deepen its distribution network across the Philippines, further enhance the capitalisation of Salmon Bank, and grow the overall balance sheet capacity of Salmon Group". In addition to the equity funding, Salmon Group has raised $40 million through public bonds. This issuance is part of its existing $150 million Nordic bond programme, with the proceeds allocated to support the growth of Salmon's lending portfolio. Regarding the round's dual-tranche structure, Salmon highlights that it diversifies its funding sources and "positions the company for sustained balance sheet growth while maintaining a disciplined approach to capital management". Founded in 2022 by Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon operates Salmon Finance, a financing company, and Salmon Bank, a Bangko Sentral ng Pilipinas (BSP)-licensed bank. The group entered the banking sector in 2024 after it acquired a controlling stake in Rural Bank of Sta. Rosa. Reporter, FinTech Futures Cameron Emanuel-Burns, a reporter at FinTech Futures, is dedicated to enhancing the accessibility of fintech for a broader audience. He has contributed articles to various media platforms and possesses a strong interest in all aspects of fintech. Prior to his involvement in the financial industry, Emanuel-Burns worked in the podcasting field, where he held editorial, hosting,and production positions for renowned production companies, covering diverse topics. With a research master's degree in conflict analysis, he conducted a study on the influence of anti-refugee policies on extremism. Webinar | 26 May 2026 | Value first, technology second: Rethinking process transformation in finance and insurance Led by industry experts, this webinar will provide a practical, customer value-first framework to help you bridge the gap between business goals and IT execution.