LatamList – Tribal Credit, a fintech focused on emerging markets, raised a $34.3M funding round led by QED Investors and PFG. BECO Capital, Global Ventures, and Endeavor Catalyst also participated in the round.
Tribal Credit is a B2B payments platform that specializes in facilitating digital payment options for SMEs. The startup offers two solutions: Tribal Card, a corporate Visa card for both physical and multi-currency payments, and Tribal Pay, which facilitates payments and merchants who don’t accept card transactions.
As part of the round, the startup also received $3M from the Stellar Development Foundation, an organization that supports the development of the open-source blockchain network. Tribal is looking to implement blockchain in its platform soon.
The funding will be used to consolidate the startup’s presence in Mexico, its primary market. Mexico offers a large market for SME finance due to the huge quantities of startups it produces.
“We are currently focusing our efforts on aggressive growth in Mexico. We are recruiting new team members and working on connections and partnerships to help us achieve this goal” said co-founder Amr Shady.
Tribal also has plans to launch into international markets in the future, such as South Asia, Africa, and the UAE.
Read more on Forbes.