B2B payments and financing platform Tribal has raised $60 million in a Series B funding. The financing was led by SoftBank Latin America Fund while Cooinbase Ventures and existing backers like BECO Capital, QED Investors, and Rising Tide also participated.
Additionally, Tribal divested its secondary shares to Cana Capital, Third Prime, Circle Ventures, AGE Fund, and Acuity Ventures.
According to the firm, the capital derived from the funding round will be used to expand its teams in Columbia, Chile, Mexico, and Brazil.
Tribal Intensifies Expansion Goal
Tribal has been very active in seeking for investment funds to expand its operations across South America and other regions.
Last year, the firm completed a combined Series A and debt round of $34.3 million led by Partners for Growth (PGF) and QED Investments
And the latest Series B funding round comes following Tribal’s recent $40 million fiat and crypto hybrid debt round led by Stellar Development Foundation (SDF) and Partners for Growth (PFG).
Chief Executive Officer of Tribal, Amr Shady, commented on the development. “Tribal is attracting the best talent to power our business growth,” he stated, adding that the firm grew its LatAm volume by 90x in 2021.
Shady stated that the company is excited to have the support of value-added investors who share the same vision of offering emerging-market SMBs world-class financial services.
In December 2019, the company launched its beta spend management platform for enterprise customers. The goal is to provide easier access to virtual and physical virtual corporate cards.
A year later, Tribal rolled out payment facilitator Tribal Pay to enable customers to easily make local and international wires to over 180 countries. It also enabled customers to finance payments for up to 120 days.
Tribal To Make The Payment Market More Inclusive
Shu Nyatta, SoftBank Latin America Fund managing partner, stated that Tribal is altering the status quo in the payments and lending market. He noted that the company is using crypto to fundamentally alter the market, making it more inclusive for market participants. Nyatta added that Tribal is bridging the DeFi and TradFi market seamlessly and innovatively, which very few companies can do.
