Salmon Group

Fintech · Lending · Philippines

Funding

Salmon Group secures $140M to scale Philippine lending business

The Manila lender is funding every peso it lends before it earns it back, so fresh capital directly caps how fast it can grow.

• Salmon Group raised $140 million in additional financing, split between $90 million in equity commitments from Spice Expeditions, WashU and Moore, and $50 million in bond proceeds.
• Founded in 2022, Salmon runs a BSP-licensed rural bank and an SEC-licensed financing arm, serving Filipino borrowers via an app with 9 million downloads and an AI credit engine for thin-file customers.
• The funds will expand Salmon's Credit Line and in-store lending and bankroll a nationwide launch of motorcycle and MSME loans.
• This is Salmon's second raise in six months after a $100 million round in April (split $60M equity, $40M bonds), bringing disclosed financing to roughly $378 million since 2022.
• Unlike its prior two raises, Salmon did not disclose the equity-debt split by investor, who led the round, or its valuation this time.
• Salmon's April bonds priced at a 13.7% effective yield, showing debt investors still treat the lender as emerging-market risk even as its loan book scales.
• For a balance-sheet lender, every peso lent must be funded upfront, so repeated rapid capital raises signal both strong loan demand and a structural need to keep feeding the engine to sustain growth.