Large Quantity of Funds Raised in Exceeded Bond Offering of Nordic Salmon
In an exciting development for the Philippine financial services industry, Salmon, a credit-led fintech company based in the Philippines, has successfully completed an additional US$50 million Nordic bond issuance. This follows their inaugural US$60 million issuance in April 2025.
The bond issuance, significantly oversubscribed, was led by PNC Bank, a prominent US bank. The funding will be used to scale faster, continue transforming the legacy banking industry in the Philippines, and expand across Southeast Asia.
Pavel Fedorov, Co-Founder of Salmon, stated that the bond issuance is a strong endorsement of their business model and market confidence in their strategy. He further added that the funding will also be used to strengthen their financial position and develop new products for their consumer banking platform.
Salmon focuses on building a consumer banking platform in Southeast Asia, with an emphasis on technology-driven services tailored to underserved markets. The company's mission is to democratise access to credit and financial services for the unbanked and underbanked populations in the region.
The industry in question is supported by strong macro tailwinds, a growing consumer class, and a robust regulatory framework. This funding opens a new chapter for the Philippine financial services industry, with Salmon at the forefront of innovation and growth.
The featured image for this article is an edited version by the brand name, based on an image by patcharananworrapatchareeroj via Freepik.
It's important to note that the bond issuance occurred in an unspecified month of the year. The funding increases Salmon's total Nordic bond financing to US$110 million, positioning them well for their ambitious expansion plans.
The proceeds from the bond issuance will be used to support Salmon's plans to expand in the Philippine financial services industry and develop new products for their consumer banking platform. This is indeed a significant step forward for Salmon and the Philippine financial services sector as a whole.
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