Consumer credit fintech Salmon has gained a banking license in the Philippines after acquiring a controlling stake in Rural Bank of Sta. Rose. Upon the completion of this transaction, expected in the coming weeks, Salmon will hold 59.7% of the bank. This new license will allow Salmon to deliver consumer credit and debit products across the nation.
Founded in July 2022, Salmon currently serves over 500 million underserved customers throughout Southeast Asia. The company believes this acquisition will enhance access to modern banking services for millions of underbanked Filipinos, particularly in vital regions such as Metro Manila, Cebu, and Davao, where it plans to establish new branches, pending approval from the Bangko Sentral ng Pilipinas (BSP).
Raffy Montemayor, co-founder and business head in the Philippines at Salmon, stated, “The transaction will help us reach additional underserved communities in the Philippines, bringing modern, customer-centric, and easily accessible financial services to more people, regardless of smartphone ownership or customer location, as we combine offline and online settings for providing our services."
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