Salmon, a leading FinTech firm, operates a licensed bank in the Philippines and is known for its innovative consumer lending products.
The company announced today the successful completion of its $30m Series A-2 equity financing round, which was significantly oversubscribed.
The funding round saw substantial contributions from existing investors, including the International Finance Corporation (IFC) and Lunate of Abu Dhabi. Both investors committed funds well above their initial rights.
Salmon is dedicated to addressing the financial needs of over 50 million Filipinos who are underserved by traditional banking systems. The firm offers a range of financial services designed to provide more accessible credit solutions to this significant market segment.
The newly acquired funds will be utilized to further scale Salmon’s profitable lending operations and introduce new products tailored to the dynamic needs of its customers. Additionally, the company plans to enhance its marketing efforts across thousands of retail locations in the Philippines and expand its online services.
Pending regulatory approvals from the Bangko Sentral ng Pilipinas (BSP), a portion of the investment will also be used to strengthen the capital base of the Rural Bank of Sta. Rosa (Laguna). The aim is to boost the bank’s total capital to PHP 1.2bn by the end of 2025, supporting its continued growth and performance. Over the past six months, this bank has become the fastest-growing in the country, achieving one of the highest returns on equity among regulated financial institutions in the Philippines.
Salmon co-founder Pavel Fedorov expressed enthusiasm about the funding and its potential impacts, “Salmon’s mission has always been to drive financial inclusion, and the Philippines is one of the most exciting markets globally for unlocking access to credit. With this latest investment round, we are positioned to scale our operations even further, bring new products to market, and deepen our partnerships across the financial ecosystem. The recent success of the Rural Bank of Sta Rosa (Laguna), with its exceptional growth and market-leading ROE, is a testament to the potential of combining innovation with a strong commitment to local communities.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
