Salmon Group Ltd., a financial technology firm, secured a capital infusion worth $88 million in boosting accessible loans through its mobile app and partnered stores.

From the total fund, Salmon obtained $60 million as a drawdown from a $150-million Nordic bond agreement.

The remaining $28 million was sourced from blue-chip institutional investors in the US and Filipino investors. Some of them include the International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, Northstar and Back in Black Capital.

“At $88 million of combined funding the transaction is one of the largest recent investments in the Philippines financial technology industry, propelling Salmon to the top ranks of challenger banks in the Philippines,” Salmon said in a statement on Tuesday.

3-K physical stores

Salmon co-founder Pavel Fedorov said borrowers and depositors can accomplish transactions through its app and over 3,000 physical stores of multiple business partners, including malls, appliance and gadget stores and sports establishments.

“At Salmon, we believe in the quality of our technology and proprietary AI solutions to bring customers better products, of which the most empowering is access to credit,” Fedorov said.

“With successful closing of this transaction and with the strength of Salmon’s one-of-a-kind team, we will be taking Salmon to leadership positions in the financial services industry across Southeast Asia,” he added.