Tribal Credit, a payment FinTech targeted at small and medium-sized businesses in emerging markets, has closed a Series A and debt round on $34.3m.
The investment was led by technology-focused venture capital firms QED Investors and Partners for Growth (PFG). Existing Tribal Credit backers BECO Capital, Global Ventures, OTG Ventures and Endure Capital, as well as new investor Endeavor Catalyst, also committed capital to the round.
Furthermore, Stellar Development Foundation, a non-profit organisation that supports the development of the open-source Stellar blockchain network, invested $3m into the company.
With the funds, Tribal Credit hopes to bolster the development of its blockchain products and facilitate the integration onto the Stellar network. The FinTech company also hopes it can bolster its growth in Mexico.
Tribal Credit CEO Amr Shady said, “We have invested heavily in our product over the past year. We’re the first mover in our segment in LatAm with a diverse suite of SME products that includes corporate cards, wire payments, and treasury services. We’re incredibly excited by the future ahead of us in Mexico and beyond.”
Tribal Credit, which launched its beta in December 2019, claims the Covid-19 pandemic accelerated the shift to digital services for many startups, resulting in a shift in more cross-border digital B2B payments. However, a lot of SMEs have struggled to get approval for traditional corporate cards.
Through its AI-driven approval process, Tribal Credit provides customers with both virtual and physical corporate cards. It also supplies them with a digital platform that founders and CFOs and give access to manage the spend of their distributed teams.
The lending company has raised a total of $42.1m in funding, to date, having previously secured $7.8m in a series of seed rounds.
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