Salmon Completes a Significantly Oversubscribed $30 Million Series A-2 Financing Round, Secures Funding from Existing Investors
MANILA, PHILIPPINES - Media OutReach Newswire - 4 October 2024 - Salmon, a leading provider of financial services and consumer lending products in Southeast Asia, operating a licensed bank in the Philippines, today announces the successful completion of its $30 million Series A-2 equity financing round.
The planned round saw strong participation from key institutional investors of the Company, including the International Finance Corporation (IFC) and Lunate of Abu Dhabi, with both committing amounts substantially in excess of their pro-rata allocation rights.
The funds will be directed toward continued scaling of Salmon's profitable lending business and launching new products designed to meet the evolving needs of more than 50 million Filipino consumers underserved by the legacy banks. A portion of the proceeds will also bolster the company's marketing activities at thousands of retail locations across the Philippines, as well as expand its online offering.
In addition, subject to receiving regulatory approvals from the Bangko Sentral ng Pilipinas (BSP), Salmon intends to allocate a portion of the proceeds to strengthen the capital base of the Rural Bank of Sta. Rosa (Laguna), with plans to increase the bank's total capital to PHP 1.2 billion by the end of 2025. This capital infusion will support the bank's continued growth. Over the past six months, the Rural Bank of Sta. Rosa (Laguna) has emerged as the fastest-growing bank in the country, achieving one of the highest returns on equity (ROE) among regulated financial institutions in the Philippines.
Pavel Fedorov, Co-Founder of Salmon, commented:
"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."
This new investment round underscores the confidence that global institutional investors have in Salmon's ability to continue delivering transformative financial solutions in the Philippines and beyond.
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About Salmon:
Salmon is a pioneering fintech company focused on delivering innovative lending solutions to underserved consumers in Southeast Asia. By combining cutting-edge AI technology with deep market insights, Salmon empowers individuals to access credit, fostering financial inclusion and driving economic growth in the region.
Website: www.salmon.ph
