Philippines Fintech Salmon Group Raised $88 Million ($28 Million Equity & $60 Million Bond Drawdown) in New Fund Raising Round, Founded in 2022 by Pavel Fedorov, George Chesakov & Raffy Montemayor, Investors Include Antler Elevate, Spice Expeditions, International Finance Corporation (IFC), Abu Dhabi Sovereign Wealth Fund ADQ / Lunate, Northstar & Back in Black Capital
18th June | Hong Kong
Philippines fintech Salmon Group has raised $88 million ($28 million equity & $60 million bond drawdown) in new fund raising round. Salmon Group was founded in 2022 by Pavel Fedorov, George Chesakov & Raffy Montemayor. Salmon Group investors include Antler Elevate, Spice Expeditions, International Finance Corporation (IFC), Abu Dhabi sovereign wealth fund ADQ / Lunate, Northstar & Back in Black Capital. Salmon operates the Rural Bank of Sta. Rosa (Laguna) & Sunprime Finance. Announcement (17/6/25): “Salmon Group Ltd (“Salmon”), a leading emerging markets financial technology firm operating a financing company and BSP-regulated bank in the Philippines, announces the completion of an $88MM fundraise to double down on its commitment to bring cutting-edge fintech and simplify access to credit across Southeast Asia. The funding transaction consists of a $60MM drawdown under a 3-year $150MM Nordic bond framework agreement and $28MM of new equity raised from blue-chip U.S. institutional investors, Antler Elevate, as well as existing shareholders of Salmon. The list of existing investors includes the International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, Northstar, Back in Black Capital, and prominent Filipino investors. The equity round was led by Spice Expeditions, LP (“Spice”), a venture capital firm focused on global fintech. Spice was founded by Nick Huber, who was a partner at Ribbit Capital prior to launching the firm in 2024. The bond transaction marks the first-ever Nordic bond issuance by a technology firm out of Southeast Asia. At $88MM of combined funding, the transaction is one of the largest recent investments in the Philippine financial technology industry, propelling Salmon to the top ranks of challenger fintech players in the country.”
“ Philippines Fintech Salmon Group Raised $88 Million ($28 Million Equity & $60 Million Bond Drawdown) in New Fund Raising Round, Founded in 2022 by Pavel Fedorov, George Chesakov & Raffy Montemayor, Investors Include Antler Elevate, Spice Expeditions, International Finance Corporation (IFC), Abu Dhabi Sovereign Wealth Fund ADQ / Lunate, Northstar & Back in Black Capital “
Profile – Salmon Group Ltd operates a BSP-regulated bank, the Rural Bank of Sta. Rosa (Laguna), Inc., and a SEC-licensed financing company, Sunprime Finance Inc., in the Philippines. Salmon is on a mission to build the best credit-led, technology-centric bank in Southeast Asia, with the Philippines as its first market. Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon uses AI-enabled technology and a proprietary credit engine to offer consumer credit, providing differentiated simplicity, quality of service, and convenience to its customers. Salmon’s mobile application is rated 4.8/4.7 in the App Store/Google Play — one of the highest ratings for a financial services app in the Philippines. Ninety-two percent of Salmon customers recommend its services to their friends and family. In 2024, Salmon’s BSP-regulated bank, on the back of the strength of its consumer loan portfolio, launched a Salmon time deposit, which at 8.88% offers one of the most appealing time deposit rates across the Philippines.
Pavel Fedorov, Co-founder of Salmon: ”Salmon is on a mission to revolutionise banking in Southeast Asia. For too long, the legacy banks in the region have provided sub-standard products, service, and customer experience, and the Philippines is a case in point. At Salmon, we believe in the quality of our technology and proprietary AI solutions to bring customers better products — the most empowering of which is access to credit. Even though Salmon is only two and a half years old, today we have one of the highest-rated financial service mobile apps in the Philippines (rated 4.8/4.7 in App Store/Google Play), are present both online and at 3,000+ locations across the country, and offer four consumer credit products that unlock access to better lives for millions. The 8.88% deposit rate offered by our BSP-regulated bank is the highest in the Philippines, as we pass cost efficiencies of our tech-centric model and limited branch infrastructure directly to bank depositors. With the successful closing of this transaction, and with the strength of Salmon’s one-of-a-kind team, we will be taking Salmon to leadership positions in the financial services industry across Southeast Asia. We are grateful to new and existing investors for their trust and support of our vision.”
Philippines Fintech Salmon Group Raised $88 Million ($28 Million Equity & $60 Million Bond Drawdown) in New Fund Raising Round, Founded in 2022 by Pavel Fedorov, George Chesakov & Raffy Montemayor, Investors Include Antler Elevate, Spice Expeditions, International Finance Corporation (IFC), Abu Dhabi Sovereign Wealth Fund ADQ / Lunate, Northstar & Back in Black Capital
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
