Tribal, a financial start-up based in San Francisco, has secured $60 million in a Series B investment headed by SoftBank Latin America Fund. Coinbase Ventures, as well as current investors BECO Capital, QED Investors, and Rising Tide, participated in the round.
Tribal is an emerging markets-focused B2B payment and lending platform. Its beta spend management software was first made available to enterprise customers in December 2019.
Tribal chief strategy officer Mohamed Elkasstawi says: “At the intersection of crypto, credit, and payments, there are amazing opportunities for fintechs in emerging markets.”
Much of the Series B money will go into supporting the company’s rapid expansion in Latin America, with local teams being built up in Brazil, Mexico, Colombia, Peru, and Chile.
The Latin American region, according to Tribal, has a $175 billion market opportunity, driven by Mexico, which is the company’s largest market. “Tribal is attracting the best talent to power our business growth. We’ve grown our Latin America volume by 90x in 2021,” says Tribal CEO Amr Shady.
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