Tribal, a B2B payments and financing platform for emerging markets, recently announced a partnership with Visa (NYSE: V).
The partnership will aim to increase Tribal’s issuance of business credit cards in Mexico, Brazil, Colombia, Chile, Peru, Argentina, Panama, Uruguay, and the Dominican Republic to “create more innovative, safe, and convenient payment solutions for businesses in Latin America and the Caribbean.”
As mentioned in an update shared with CI, Visa and Tribal will be focused on promoting the development and expansion of SMBs across the region by offering them access to credit and financing. Tribal and Visa will also “help these SMBs leverage digital solutions and implement fast and secure payments.”
The two will work in tandem to “increase the national and international credit lines Tribal extends to SMBs, and employ updated encryption strategies to improve the quality and safety structures of card distribution.”
Duane Good, President of Tribal, stated:
“At Tribal, we’re excited to partner with an innovative, industry-leading company like Visa. As a pioneer in the world of payments, Visa will help us modernize corporate spend by promoting collaboration between Latin American SMBs and the financial sector. Together, we’re working to further our shared mission of expanding the selection of financial tools available to SMBs to include the very best in modern, digital financial services.”
The partnership comes in the wake of a study by Visa, which revealed that emerging technologies are among the “most promising” tools for helping SMBs access credit and banking services.
Now, the two firms intend to provide global, regional, and local support to SMBs interested in “exploring additional opportunities for expansion and growth created by cutting edge digital technologies.”
Sonia Michaca, Tribal Regional Manager for Latin America, remarked:
“Our partnership with Visa will solidify Tribal’s continuous efforts to close the gap between LatAm-based enterprises and their access to financial tools that help modernize their product offerings and grow their customer base. Additionally, it allows for increased visibility to a broad regional audience, helping our team bring financial innovation and alternatives to traditional banking to regions and industries with otherwise limited exposure to the emerging technology,”
Although El Salvador’s adoption of Bitcoin ignited the widespread awareness of cryptocurrencies across the Latin American market, many SMBs “remain hesitant to adopt the emerging technology due to technical knowledge barriers.”
Tribal’s crypto solutions offer SMBs the opportunity “to interact with emerging technologies without requiring any blockchain subject matter expertise.”
Eduardo Coello, Regional President for Visa Latin America and the Caribbean, added:
“SMBs in Latin America and the Caribbean have unique financial needs when it comes to sales, cash flow, and efficiently obtaining credit. At Visa, we’re committed to working alongside Tribal to support SMBs’ operations and growth through our innovative and personalized business solutions. SMBs in Latin America and the Caribbean are the backbone of our economies, by partnering with Tribal, we’re furthering our mission to help SMBs manage their finances and grow their businesses.”
Tribal introduced its beta spend management platform back in December of 2019. It has grown to provide SMBs in emerging markets access to “an array of unique financial tools that combine traditional and emerging technologies.”
Included among these tools “are physical and virtual corporate cards, access to local and international wires reaching 180+ countries, and a new cross-border payment option that utilizes stablecoins to facilitate faster and more affordable payments from Mexico to the United States.”