B2B payments and financing platform for emerging markets, Tribal announced that it has secured $60 million in a Series B funding round led by SoftBank Latin America Fund today. Additionally, Coinbase Ventures became a part of the latest investment round.
Tribal aims to expand its operations across the Latin American region through recent funding. The financial technology firm is planning to build its team in Brazil, Mexico, Colombia, Peru and Chile. The funding announcement from Tribal came nearly one month after the company raised $40 million in Crypto-TradFi debt round to power payments and financing for Latin American SMBs.
The recent $60 million funding round also saw participation from the Tribal’s existing investors, including BECO Capital, QED Investors and Rising Tide.
“Tribal is attracting the best talent to power our business growth. We’ve grown our LatAm volume by 90x in 2021,” said Amr Shady, the Chief Executive Officer at Tribal. “We’re thrilled to have value-add investors with strong operating experience who share our vision of democratizing access to world-class financial services for emerging-market SMBs.”
SMBs
In the announcement, Tribal noted the growing volume of transactions by SMBs. According to the details shared by the company, almost 62 million SMBs are conducting transactions every year. With approximately $175 billion market opportunity, Latin America is one of the biggest markets for small and medium businesses. The fintech platform offers SMBs in emerging markets access to physical and virtual corporate cards.
“Tribal is using crypto to fundamentally change the rules of the game for payments and lending. Very few companies can bridge TradFi and Defi in such an innovative, yet seamless way. We are incredibly excited to be partnering with Amr and the team as they expand credit for small businesses in emerging markets,” Shu Nyatta, the Managing Partner of SoftBank Latin America Fund, said in the press release.
