Philippines Finance Growth Accelerates as Salmon Raises USD100m

Philippines finance growth is set to accelerate as Salmon Group raised USD100m in fresh funding to expand its consumer finance business.

The funding comprises USD60m in equity and USD40m in public bonds issued under its USD150m Nordic bond programme at a 13.7% yield.

Investors include Spice Expeditions, Washington University Investment Management Company, Moore Strategic Ventures and FJ Labs.

Salmon said the proceeds will support product expansion, distribution growth, capitalisation of Salmon Bank and expansion of its lending book.

The Philippines finance growth story is driven by strong demand from underbanked consumers, with the company operating through a BSP-licensed bank and SEC-licensed financing entity.