Fintech startup Salmon, founded by former Tinkoff senior managers, was bought by Philippine bank Bank St Rosa. RBC reports this in reference to Salmon’s co-founder, former Tinkoff co-director Pavel Fedorov.
Salmon’s report also notes that the deal was approved by the Central Bank of the Philippines.
The cost of the transaction is not disclosed. The company clarified that upon closing it within a few weeks, the startup will receive control (59.7%) of the credit institution.
The acquisition of a licensed bank will allow Salmon to expand the range of services it offers: previously, the startup operated as a financial company with licenses to offer online and offline credit products, but now the company will be able to attract deposits. issue plastic debit and credit cards and finance medium and small businesses.
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Bank St Rosa has been in operation since 1963. Information about it is limited: the bank’s current reports are not published on its website and there are no ratings from international rating agencies.
Salmon went live in the summer of 2022, it was launched by Pavel Fedorov, former Chairman of the Board of Directors of Tinkoff Bank, Georgy Chesakov and Raffi Montemayor. According to Fedorov, Salmon has already made two rounds of investments, as a result of which it was possible to attract 36 million dollars, and now the company is preparing to complete the third round of investments for a total of 25 million dollars.
Author:
Anastasia Marina
Source: RB
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