SAN FRANCISCO — May 6, 2021
Payment fintech Tribal Credit has issued local business Visa cards in Mexico, enabling small and medium-sized companies in the country to grow their business using higher credit limits and optimal interchange rates.
The US-based company recently raised a $34.3 million series A round in equity and debt 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 Stellar Development Foundation and Endeavor Catalyst.
There are 62 million Latin America SMEs transacting globally every year, with the region representing a $15 billion market opportunity led by Mexico—Tribal Credit’s biggest market.
“We’re basically giving our customers in Mexico more choices and power to scale across all their payments and cost management needs,” says Duane Good, Tribal Credit COO.
Despite ever-growing needs to make cross-border B2B payments digitally post Covid-19, many SMEs continue to experience difficulty getting approved for corporate cards through traditional banks.
“Our Mexican card issuance program allows our customers to grow faster and break free from the shackles of local financial barriers imposed by traditional banks,” said Amr Shady, CEO of Tribal Credit, which joined Visa’s Fintech Fast Track Program in May last year, adding it to an elite group of fintechs and accelerating its integration with Visa’s global payment network.
Using a proprietary AI-driven approval process, Tribal Credit provides SMEs with virtual and physical corporate cards as well as a digital platform that allows founders and CFOs to manage the access and spend of their distributed teams.
The company recently expanded its payments and financing products to include Tribal Pay, helping customers settle non-card purchases and benefit from extended payment terms.
With expertise honed at leading tech companies and financial institutions, Tribal Credit’s leadership team of serial entrepreneurs, data scientists, and fintech execs have built and scaled startups in both emerging markets and the U.S. Amr Shady, former founder of TA Telecom, a telco payments startup with operations that expanded in six emerging markets; Duane Good, former HSBC EVP and founding member of eCapital Financial and MBNA International; Mark Graves of Marqeta Inc., Silicon Valley Bank, and the Financial Industry Regulatory Authority (FINRA); Mohamed Elkasstawi, founder of ZK Capital, a blockchain research firm; Omar Kamal, formerly of Mentor Graphics, IBM, Lucent Technologies and HP; and Ehab Zaghloul, co-founder of ZK Capital.
About Tribal Credit
Tribal Credit is a fintech company built for emerging-market SMEs looking for a better way to pay business expenses and optimize their financial management. The San Francisco-based startup provides modern payment methods like multi-currency physical and virtual business Visa cards and a powerful spend management platform to track and control expenses—all in one seamless interface. Founded by serial entrepreneurs, data scientists and fintech execs, Tribal Credit is on a mission to power SMEs’ growth in emerging markets to bridge the business financial inclusion gap in payments and financing. Tribal Credit is backed by QED Investors, Partners for Growth, BECO Capital, Global Ventures, Stellar Development Foundation, Endure Capital, 500 Startups, Endeavor Catalyst and OTG Ventures. The company is also part of the Visa Fintech Fast Track program among an elite group of fintechs.