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Salmon, a consumer credit fintech, has achieved a significant milestone by acquiring a controlling interest in Rural Bank of Sta. Rose, thereby obtaining a licensed bank status in the Philippines.
Upon the completion of this transaction in the coming weeks, Salmon will possess a 59.7% stake in the bank. This strategic move will empower Salmon to extend its financial offerings, including consumer credit and debit products, nationwide, leveraging the acquired license and expanding its geographic footprint.
Founded in July 2022, Salmon has been actively providing financial services to over 500 million underserved customers in Southeast Asia. The acquisition is expected to enhance access to modern banking services for millions of underbanked Filipinos, particularly in crucial regions such as Metro Manila, Cebu, and Davao. Salmon intends to open new branches in these areas, subject to approval from the Bangko Sentral ng Pilipinas (BSP).
Raffy Montemayor, co-founder and business head in the Philippines at Salmon, expresses optimism about the transaction’s impact: “The deal will enable us to reach additional underserved communities in the Philippines, bringing modern, customer-centric, and easily accessible financial services to more people. This approach aims to bridge gaps in financial inclusion, catering to individuals regardless of smartphone ownership or customer location, as we combine offline and online settings to provide our services.”
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