Bank St Rosa

History

2024: Salmon bought stake in Bank St Rosa

Founded by former top managers of Tinkoff Bank, the fintech company Salmon bought a stake in the Philippine bank Bank St Rosa. Pavel Fedorov, co-founder of Salmon, former co-head of the Tinkoff group, spoke about this deal in January 2024.

It is noted that the Central Bank of the Philippines issued permission for such a deal. At the same time, Fedorov did not name the amount of the transaction. It is expected that the deal will be able to close within a few weeks, and the startup will receive 59.7% of the credit institution.

Founders of Salmon Georgy Chesakov, Pavel Fedorov and Raffi Montemayor

According to RBC, the bank's financial performance is unknown: by January 9, 2024, there are no data from rating agencies, the latest financial statements have not been published. The bank has been operating since 1963.

According to Fedorov, the acquisition of a licensed bank will allow Salmon to expand the list of services offered in the Philippines.

We will be able to attract deposits, issue plastic debit and credit cards, we can finance medium and small businesses, providing the entire range of banking services to millions of Filipinos and small and medium-sized enterprises, "he explained.

Fedorov also said that the startup was able to raise $60 million over the past year. In total, three rounds of attracting investments have been held since the launch of the company. In October 2022, the Abu Dhabi sovereign wealth fund ADQ, Filipino entrepreneurs and venture investors from Europe bought a stake in Salmon for $16 million. In the summer of 2023, the company received a venture capital debt from the private debt fund Argentem Creek of $20 million. In the near future, the startup plans to close the deal to raise $25 million, according to the publication of the publication of January 9, 2024.

Fyodorov added that Salmon is exploring the possibility of developing not only in the Philippines, but also entering the second and, perhaps, the third major markets in the region or beyond.^[1]

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