Salmon Group Ltd, a credit-focused fintech based in the Philippines, has raised $50 million through a Nordic bond, with investor orders exceeding supply by more than two times, the company said in a statement.
The latest issuance follows the company’s $60-million inaugural Nordic bond in June 2025, bringing total bond financing under its $150-million programme to $110 million.
The fintech said the oversubscription reflects strong investor confidence in Salmon’s growth trajectory and financial performance and underscores demand for Southeast Asia’s emerging consumer lending platforms.
Salmon is positioning itself to build the region’s next-generation consumer banking infrastructure, targeting underserved segments with technology-driven credit products.
This latest raise comes on the heels of a $88-million funding round three months ago, which included $60 million from Salmon’s inaugural Nordic bond—the first such issuance by a Southeast Asian technology firm—and $28 million in new equity led by US venture capital firm Spice Expeditions.
Other participants included International Finance Corporation, Abu Dhabi’s ADQ/Lunate, Northstar, and Back in Black Capital. Combined, these rounds represent some of the largest fintech investments in the Philippines in recent years.
Founded in 2022 by Fedorov, George Chesakov, and Raffy Montemayor, Salmon operates a licensed bank in the country, enabling it to combine regulatory compliance with digital innovation to serve consumers traditionally overlooked by banks.
“We are opening a new chapter for the Philippine financial services industry. The market is supported by strong macro tailwinds, a rapidly growing consumer class, and robust regulatory framework,” said Pavel Fedorov, Co-Founder of Salmon.
“On top of this, technological innovation and the network effects of an emerging credit infrastructure are compounding the opportunity,” he added.
