Mexican neobank Klar acquired Tribal, a Mexican fintech that offers credit cards, payment accounts, and working capital financing for SMEs. As part of the deal, Tribal’s CEO Amr Shady and his team will join Klar.
Klar is a neobank that offers payment accounts, credit cards, credit, and investment products to individuals in Mexico.
With this acquisition, Klar will expand into the SME market by serving businesses that use Tribal’s services.
“SMEs generate more than 50% of Mexico’s GDP but face barriers to accessing financial services. With this acquisition, we combine Klar’s infrastructure with Tribal’s B2B DNA to offer comprehensive solutions for businesses and employees. [We’ll offer] direct payroll payments to employees, driving growth in consumer accounts; and integration of business data to create personalized offers aligned with the real needs of the market,” announced Klar on LinkedIn.
Founded in 2019, Klar has over 3M clients in Mexico and raised a $100M credit facility in August 2023. Tribal, founded in 2016, has a client base of over 3,000 companies and raised $150M in debt in October 2023.
Read more on LatamFintech Hub.