Philippines: Payment ecosystem Salarium aims to raise $50m via ICO

The Salarium team.

Philippine-based payment solutions company Salarium is aiming to raise up to $50 million through an initial coin offering (ICO) of its “SALPay token”.

Salarium founder and CEO Judah Hirsch, said the company’s new ICO will bridge the gap for small and medium BPOs, freelancers, and remittances in the Philippines.

“The purpose of our ICO is to provide a token utility for our B2B customers to remit their payroll into the Philippines. The funds will be used to provide liquidity and license the exchange. Our product is already live and working,” Hirsch said in an interaction with DEALSTREETASIA.

The SALPay token’s pre-sale will run from November 22 to 26, while the ICO is slated on November 27 to December 31, 2017.

Salarium will conduct the ICO under the symbol “SAL” using Ethereum technology. Total token amount created will be 100 million tokens and the ICO price is 1 SAL = .003 ETH.

Established in 2013, Salarium began as a payroll and human resource software company that later on achieved a payment ecosystem status with the launch of its SALPay offering that provides companies with automated timekeeping and payroll solutions combined with an e-wallet and debit Mastercard.

Hirsch said the planned exchange will initially serve as “a large closed loop for SALPay corporate users”, which represent over 500 companies and more than 10,000 employees.

“The exchange in the Philippines will be connected to SALPay, and so our existing customer will be the first users,” he said. “We already have a few millions contributed by early investors.”

Although its head office is in Singapore, Salarium currently provides services only within the Philippines. Its clients are mostly SMEs working in a variety of industries including BPO, manufacturing, retail, and IT.

In 2015, Salarium won the Seedstars World competition in Switzerland, beating 2,000 startups from the top spot. It raised a $500,000 seed round in May of the same year. Then in mid-2016, the company raised $1.2 million in a funding round led by Future Now Ventures.

Also Read:

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Philippines’ fintech startup Acudeen wins Seedstars World 2017, bags $500k

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.