By BusinessWorld,Cedtyclea

Copyright bworldonline

FINANCIAL TECHNOLOGY company Salmon Group Ltd has raised $50 million through an oversubscribed Nordic bond issue, which it will use to expand its consumer banking business in the Philippines.

This followed a $60-million inaugural issuance in April and brought its total bond financing to $110 million under its $150-million Nordic bond framework.

The latest issuance was two times oversubscribed, which Salmon said showed strong global investor confidence in its growth prospects.

Pareto Securities was the sole bookrunner and underwriter for the transaction.

“We are opening a new chapter for Philippine financial services built on innovation, inclusion, and trust. As the Philippines stands at the heart of Southeast Asia’s growth story, with its young consumer base, strong regulators, and digital-first mindset, we see tremendous opportunity to reshape the industry,” Salmon Co-founder Raffy Montemayor said in a statement.

“Through Salmon Bank and Sunprime Finance, we are proud to lead this transformation by offering products that meet the everyday needs of Filipinos, including credit lines, cards, consumer and moto loans, and now high-yield deposits.”

The company operates Salmon Bank (Rural Bank), Inc., formerly known as Rural Bank of Sta. Rosa (Laguna), Inc., and financing company Sunprime Finance, Inc. in the Philippines, offering products like revolving credit lines, credit cards, consumer loans, moto loans, and deposits.

“This successful bond issuance validates the confidence that international investors have in both the Philippines and Salmon’s long-term vision. With this new funding, we are poised to scale faster, bring world-class financial services closer to millions of Filipino families, and redefine what banking can mean in our region,” Mr. Montemayor added. — A.M.C. Sy