Tribal Credit raises USD 34.3 mln to fuel growth

Friday 23 April 2021 12:57 CET | News

Tribal Credit, a payment fintech for small and medium-sized businesses in emerging markets, has announced closing a combined Series A and debt round of USD 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 USD 3 million from the Stellar Development Foundation, a nonprofit organisation 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. 

The ongoing COVID-19 pandemic has accelerated many startups’ move to digital and increased the number of new businesses spending online. Despite a need to make an ever-increasing number of cross-border B2B payments digitally, many SMEs have found it even more difficult to get approved for traditional corporate cards. 

Using a proprietary AI-driven approval process, Tribal Credit not only provides SMEs with virtual and physical corporate cards, but also offers a digital platform that allows founders and CFOs to give access to and manage the spend of their distributed teams. 

The US-based company previously raised USD 7.8 million in a series of seed rounds, making the total raised USD 42.1 million. Tribal Credit also joined Visa’s Fintech Fast Track Program.

Tribal Credit beta launched in December 2019 offering corporate cards and a spend management platform for startups and SMEs in emerging markets. The company expanded its payments and financing products to include Tribal Pay, helping customers settle non-card purchases and benefit from extended payment terms.

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Keywords: B2B payments, SMEs, fintech, corporate card, digitalisation
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech