Fintech firm Salmon raises $88 million in fresh capital

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MANILA, Philippines — Financial technology firm Salmon said on Tuesday it had raised $88 million in fresh capital to help strengthen its consumer lending business.

The transaction consisted of $60 million investment that was carved out of a three-year Nordic bond framework deal amounting to $150 million.

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The remaining $28 million was in the form of new equity financing from “blue-chip institutional investors” and global venture capital firm Antler.

The money will add to Salmon’s growing capital that already included investments from its existing funders, namely the International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, Northstar, Back in Black Capital and some local investors.

In the Philippines, Salmon operates a financing company, Sunprime Finance Inc., and a Bangko Sentral ng Pilipinas-regulated bank, Rural Bank of Sta. Rosa.

READ: 2 Philippine fintech firms get fresh funds from IFC