Tribal Credit: A Financial Solution for Startups

Tribal Credit, a fintech company specialized in the creation and facilitation of payment methods for startups, just raised US$34.3 million in a combined Series A and debt round led by QED Investors and Partners for Growth (PFG), as well as other important investors such as BECO Capital, Global Ventures and Endeavor Catalyst, reports Forbes Mexico. "This new round of investment will particularly help us strengthen the company's presence in Mexico, our main market in the world and the country where we are working the hardest to continue growing," said Amr Shady, Co-Founder and CEO of Tribal Credit, according to Forbes Mexico.

Economic service startups are booming in emerging markets, explains Tribal Capital in its website, but the current banking infrastructure does not properly support startups. Tribal claims to bridge the gap between what the banking infrastructure can offer and what startups truly want.

How Does it Accomplish This?

Tribal Capital aims to grant financial inclusion to new companies in emerging markets, Shady explains. To do so, the company developed and patented an approval process that uses Artificial Intelligence to analyze startups in emerging markets. This algorithm analyzes the startups’ founders' history, financing, investors and business opportunities to evaluate if the company is a good candidate for credit lines or services.  

Tribal Capital has three main services: Tribal Card (a corporate card), Tribal Pay and Tribal Cash. Tribal’s value proposition lies not in its corporate cards but in its digital platform that grants CFOs the ability to access and manage their teams, according to Tech Crunch. The company already works with startups like Ben & Frank, Fairplay and Minu, reports Forbes Mexico.

During the pandemic, many companies had to find a way to access corporate payments remotely while being able to maintain control, this allowed Tribal to establish itself more strongly, explains Tech Crunch. With this success and the new capital, the startup seeks to expand across the region. “We are currently going through similar processes of analyzing arrival options in other Latin American countries. There are some markets that could be interesting to us like Brazil, Colombia or Chile,” explained Shady to Forbes Mexico.