The funding consisted of a USD 60 million drawdown under a three-year USD 150 million Nordic bond framework deal and USD 20 million of new equity secured from US institutional investors, Antler Elevate, and existing shareholders of Salmon. These include International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, NorthStar, Back in Black Capital, and several Filipino investors.
Moreover, the equity round was led by Spice Expeditions, a venture capital company centred on global fintech. The bond transaction represents one of the first Nordic bond issuances by a technology firm out of Southeast Asia.
This round follows IFC’s USD 7 million investment in Salmon from May 2024. The company joined the USD 25 million Series A extension round as a lead investor alongside Northstar Group and other local and international investors. The capital aimed to allow Salmon to develop new credit products and a lifestyle banking offering, which the firm planned to roll out in the second half of 2024.
Reaching USD 88 million in combined funding, the deal is one of the largest recent investments in the Philippine financial technology industry. With the newly acquired capital, Salmon seeks to advance its commitment to deliver fintech solutions and optimise access to credit across Southeast Asia. Commenting on the news, representatives from Salmon emphasised their company’s objective to improve banking in Southeast Asia.
Currently, Salmon’s solutions are available both online and at 3,000 locations across the country, providing four consumer credit products that facilitate access to improve individuals' lives. By successfully finalising the transaction and leveraging the capabilities of its team, the company aims to further enhance its position in the financial services industry throughout Southeast Asia.
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