Tribal Credit, a payment fintech specially designed for small and medium-sized businesses in emerging markets, has announced closing a combined Series A and debt round of $34.3 million.
The investment was led by QED Investors and Partners for Growth (PFG). Existing investors BECO Capital, Global Ventures, OTG Ventures and Endure Capital also took part in the round, joined by new investors Endeavor Catalyst.
As part of the investment, Tribal received $3 million from the Stellar Development Foundation, a nonprofit organization that supports the development and growth of the open-source Stellar blockchain network. Their investment will facilitate the development of Tribal’s blockchain products and integration onto the Stellar network.
“This round allows us to accelerate our growth in Mexico and help the new generation of SMEs fueling the Mexican economy break free from local financial barriers,” said Tribal Credit CEO Amr Shady.
“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.”
“QED has been following payments and the lending needs of SMEs in emerging markets closely and Tribal has proven itself a leader in Latin America,” said Lauren Morton, Partner, QED Investors. “Compared with everything else we’ve seen in this market, Tribal has a differentiated and superior product that meets customers’ needs in a way that no competitor can match.
“Tribal has had strong traction in Mexico, with adoption from fast-growing startups across the country, including many companies within our own portfolio. Through the combination of a unique product and an incredibly talented team passionate about solving a real problem, it’s no surprise that Tribal has quickly become an innovative disruptor in a red-hot market.”
Tribal Credit COO Duane Good said, “Our Series A funding round will help us scale our business faster, accelerate our growth in Mexico, and continue our mission of financial inclusion. We are uniquely positioned to serve high-growth SMEs and startups transacting both locally and globally. We offer both locally issued Visa business cards as well as international US dollar cards. Our customers will benefit from lower fees and comprehensive merchant acceptance.”
As part of growth, Tribal Credit is looking to fill different positions based out of Mexico. “We’re excited to augment the current team in Mexico with more talented people across different functions,” said Duane.
The San Francisco-based company previously raised $7.8 million in a series of seed rounds, making the total raised $42.1 million. Tribal Credit also joined Visa’s Fintech Fast Track Program.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.