News Daily


Men's Weekly

News from Asia

  • Written by Media Outreach
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 morethan 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.

Hashtag: #Salmon

The issuer is solely responsible for the content of this announcement.

Read more

Top Electrical Safety Tips from Inner West Sydney Electricians

While it may not be the most exciting subject to discuss, having an electrically safe home is definitely one of the most critical. Knowing the basics could help you avoid accidents and ensure your home remains in good condition, whether... Read more

When to Escalate a Debt Recovery Matter to Legal Action

Knowing when to transition from informal debt collection efforts to formal legal proceedings is a decision that many creditors find difficult to navigate. Acting too early can damage commercial relationships, while waiting too long can reduce the likelihood of recovery... Read more

Why Slurry Hose Systems Are Essential for Handling Abrasive Industrial Materials

Transporting abrasive mixtures is a common challenge in industries such as mining, dredging, and construction. These mixtures, known as slurry, consist of solid particles suspended in water or other liquids. Moving slurry through pipelines requires specialised equipment that can withstand... Read more

Why Choosing the Right Dental Clinic Matters for Long Term Oral Health

Maintaining good oral health requires regular checkups, preventive care, and professional treatment when needed. Visiting a trusted Dental Clinic plays a vital role in keeping teeth and gums healthy while preventing more serious dental problems in the future. Many people only... Read more

Is Deep Plane Facelift Safe in Thailand?

When you ask whether a deep plane facelift is safe in Thailand, you’re really asking: “Can I get high-quality surgical care with strong safety standards and reliable follow-up while I’m traveling?” That’s a smart question. But the country name alone... Read more

Why Cloud Services Are Now Essential for Business Growth and Security

In today’s fast-moving digital environment, understanding how cloud services support long-term stability has become a priority for businesses across Australia. As expectations shift and workplaces adopt more flexible models, organisations are turning to cloud services to keep systems running smoothly... Read more