SAN FRANCISCO — Tribal Credit, a company offering corporate credit cards for small and medium-sized businesses in emerging markets, has closed 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.
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.
Every year, there are 62 million Latin America SMEs transacting globally, and the LatAm market represents a $15 billion opportunity, led by Mexico—Tribal Credit’s biggest market.
“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.”