Philippine-based payment solutions startup Salarium is aiming to raise up to US$50 million through an initial coin offering (ICO) for its SALPay Token.
Salarium Founder and CEO Judah Hirsch explained that the company’s ICO will help bridge the gap between small and medium Business Process Outsourcing (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 in the Philippines,” Hirsch said. “Our product is already live and working, therefore the funds will be used to provide liquidity and license the exchange.”
The SALPay token’s pre-sale will start from November 22 to 26, 2017 while its Ethereum ICO is slated to begin from November 27 to December 31 under the symbol SAL.
For the ICO, a total amount of 100 million tokens will be offered at a price whereby 1 SAL will be equivalent to .003 ETH.
Founded in 2013, Salarium is a payroll and human resource software company. It provides businesses with a solution to improve their efficiency and accuracy in managing payroll through a self-service portal known as Salarium Payroll (SALPay).
Although Salarium is currently headquartered in Singapore, its services are mainly provided within the Philippines where most of its clients are SMEs from a variety of industries including BPO, manufacturing, retail, and IT.
Commenting on the ICO, Hirsch said the planned exchange will initially serve as a large closed loop for SALPay corporate users which represent more than 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 investors,” Hirsh added. “We already have a few million contributed by early investors.”
In May 2015, Salarium raised a US$500,000 seed round followed by a US$1.2 million funding round led by Future Now Ventures in mid-2016. The startup also competed against 2,000 startups to win the Seedstars World in Switzerland.