Salmon Group raises $88m to expand its business in the Philippines

The equity round was led by venture capital firm Spice Expeditions, LP.

Salmon Group, a financing company and bank operating in the Philippines, has raised $88m to expand its business.

The funding transaction consists of a $60m drawdown under a 3-year $150m Nordic bond framework agreement, and $28m of new equity raised from blue chip US institutional investors, Antler Elevate as well as existing shareholders of Salmon.

The equity round was led by Spice Expeditions, LP, a venture capital firm focused on global financial services.

Salmon’s existing investors include International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, Northstar, Back in Black Capital and prominent Filipino investors.