Tribal Credit, a U.S.-based payment fintech, announced on Wednesday it secured $34.3 million through its Series A funding round, which was led by QED Investors and Partners for Growth with participation from BECO Capital, Global Ventures, OTG Ventures, Endure Capital, and Endeavor Catalyst.
Founded in 2016, Tribal claims its service makes it easy for startups and growing companies to pay online and offline expenses, track and control company, and do business all over the world.
“With modern financial tools like physical and virtual business payment cards, interest-free credit lines, and a powerful spend management platform, it’s a smarter alternative to traditional banks.”
Speaking about the investment, Tribal Credit CEO, Amr Shady, stated that the round allowed the company to accelerate its growth in Mexico as well as help the next generation of SMES fuel the Mexican company “break free” from local financial barriers.
“We have invested heavily in our product over the past year. We’re the first mover in our segment in LatAm with a diverse suite of SME products that includes corporate cards, wire payments, and treasury services. We’re incredibly excited by the future ahead of us in Mexico and beyond.”
Tribal Credit COO Duane Good, then added:
“Our Series A funding round will help us scale our business faster, accelerate our growth in Mexico, and continue our mission of financial inclusion. We are uniquely positioned to serve high-growth SMEs and startups transacting both locally and globally. We offer both locally issued Visa business cards as well as international US dollar cards. Our customers will benefit from lower fees and comprehensive merchant acceptance.”