Financing platform Tribal expands into Latin America
Fintech start-up Tribal has raised US$60mn, in a Series B funding round, led by SoftBank Latin America Fund.
Tribal is a B2B payments and financing platform, which has a vision to ‘power startup growth in emerging markets, by providing corporate cards and financial solutions’. Headquartered in San Francisco, USA, Tribal was founded in 2016 - a distant year, but one that was pivotal in many ways. But it wasn’t until December 2019 when Tribal first launched its beta spend management platform. The company has helped many startups grow - and it’s ready for more.
Procurement strategy in Latin America
The Series B follows Tribal’s recent US$40mn crypto and fiat hybrid debt round, which was led by Partners for Growth (PFG) and Stellar Development Foundation (SDF).
A large portion of the Series B cash will be spent in growing Tidal across Latin America, where it already has local teams in:
According to Tribal, Latin America has a US$175bn market opportunity led by its biggest market, Mexico.
Crypto, Credit & Payments are an opportunity for fintech
The latest funding means the company’s total has reached US$140mn and the staff at Tidal are thrilled.
“At the intersection of crypto, credit, and payments, there are amazing opportunities for fintechs in emerging markets,” said Mohamed Elkasstawi, Tribal chief strategy officer.
“Tribal is attracting the best talent to power our business growth,” agreed Amr Shady, Tribal CEO. “We’ve grown our Latin America volume by 90x in 2021.”
With this new funding, 2022 will be its finest yet.
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