Manila-based fintech Salmon has secured $100 million in fresh equity and debt to accelerate digital credit services for underbanked Filipinos.
In a major boost for Southeast Asia’s fintech ecosystem, Manila-based financial technology firm Salmon has announced a $100 million financing round. Reports from TechCrunch and DealStreetAsia, the capital injection consists of a $60 million equity tranche and a $40 million debt component. The deal underscores a growing trend among regional fintechs to diversify their capital structures while targeting the millions of Filipinos who remain underserved by traditional banking institutions.
A Dual-Tranche Strategy for Scale
The $60 million equity round was led by Spice Expeditions, a US-based venture firm, with significant participation from the Washington University Investment Management Company (WUIMC), Moore Strategic Ventures, and FJ Labs. Existing investors also joined the round, signaling continued confidence in Salmon’s rapid growth since its inception in 2022.
The remaining $40 million was raised through a public bond issuance under Salmon’s existing $150 million Nordic bond program. Priced at an effective yield of 13.7%, the bond issuance highlights the company’s ability to tap international fixed-income markets even amidst global macroeconomic volatility. FinTech Global stated that this debt capital is specifically earmarked to scale the company’s lending portfolio, while the equity will fund product expansion and distribution.
Tackling the Underbanked Challenge
Founded by former Tinkoff executives Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon has quickly established itself as a “challenger” to legacy banks. The opportunity in the Philippines is vast: while the country has a population of over 115 million, only about 10 million people hold traditional credit cards.
“This round is validation of what we have been building, an always-on bank and financial services super-app for every Filipino,” said co-founder Pavel Fedorov in a statement to InsiderPH. The company operates through two regulated entities: a BSP-licensed bank (Salmon Bank) and an SEC-licensed financing company. This regulatory dual-track allows Salmon to offer a wide range of services, from high-interest time deposits (currently at 8%) to “Salmon Credit,” which offers a grace period of up to 62 days.
Strengthening the Foundation
Beyond lending, Salmon is heavily investing in its physical and digital infrastructure. In March 2026, the group injected PHP 400 million into Salmon Bank (formerly a traditional rural bank acquired by the group), raising its total equity capital to PHP 1.6 billion. This move, reported by Business 2.0 News, positions it as one of the best-capitalized tech-centric banks in the country, with a Core Equity Tier 1 Ratio of 23.1%.
The company’s focus on execution is reflected in its metrics, maintaining a 99.9% uptime for its app and a gross Non-Performing Loan (NPL) ratio of just 2.1%, significantly lower than many other digital challengers in the region.
Conclusion: The Road to National Coverage
With $100 million in fresh dry powder, Salmon is poised to expand its reach from urban centers into rural markets where traditional banking infrastructure is weakest. As the Philippines continues its digital transformation, Salmon’s mission to provide “game-changing services” could serve as a blueprint for how fintech firms can bridge the financial inclusion gap through a mix of disciplined capital management and customer-centric technology.
