Salarium founder and CEO Judah Hirsch said the deal with FNV was a bridge funding to prepare his company for its Series A round.
Founded in 2013, Salarium is an end-to-end payroll platform that provides a global cross-border payroll services to small and large businesses in the Philippines
“We will use the investment to grow and scale the business as we push in the Philippines and allow us to accelerate as we gear up for our Series A Round,” Hirsch said. “Our main focus is on the business that we are building to bring real value to our customers and partners.”
Hirsch noted Salarium’s improved traction, as it brought on hundreds of companies, processing over 1,000 of employees payroll every month.
Meanwhile, FNV CEO principal investor & advisor John Orrock, said he sees the Philippine market ready for Salarium’s new SAL Pay offering, which is more than just high-tech payroll service for small and medium-size business. Salarium’s SAL Pay Employee Account is designed as alternative to traditional bank payroll accounts, creating employee accounts in seconds.
Orrock said Salarium is the latest addition to his portfolio of investments in high potential cloud-based Software-as-a-Service (SaaS) business, namely: media CRM Advvy, journey management JESI, auto CRM AutoDeal, cloud subscription Billing Platform, Internet-of-Things integration platform Reekoh, employee performance firm My-CheckPoints, assessment & training platform CloudSwyft Solutions, and consulting firm Barhead Solutions, a Microsoft Cloud Partner.
Only recently, FNV made substantial amount of investments in Australia-based JESI, and financial tech (fintech) startup LoanSolutions, the largest network of lenders in the Philippines.