The B2B payments space has seen an explosion in demand, and investor interest, in the wake of the COVID-19 pandemic as businesses try to figure out how to pay each other digitally. The challenges become even more complex when dealing with cross-border payments.
Startups that were formed before the pandemic stand to benefit from the shift. One such startup, Tribal Credit, launched its beta in late 2019 to provide payment products for startups and small to medium-sized businesses (SMBs) in emerging markets.
Today, Tribal Credit announced it has raised $34.3 million in a combined Series A and debt round led by QED Investors and Partners for Growth (PFG). Existing backers BECO Capital, Global Ventures, OTG Ventures and Endure Capital also participated in the round, along with new investor Endeavor Catalyst. The raise follows “10x” year-over-year growth, according to CEO and co-founder Amr Shady.
As part of the investment, Tribal received $3 million from the Stellar Development Foundation, a nonprofit organization that supports the development and growth of the open-source Stellar blockchain network.
Tribal uses a proprietary AI-driven underwriting approval process to evaluate businesses and approve them for credit lines. Those businesses can then use those credit lines to spend on Tribal’s products, Tribal Card and Tribal Pay. Tribal Card is a business Visa card that allows users to create physical and virtual multi-currency cards. Tribal Pay allows them to make payments to merchants and suppliers that don’t accept credit cards.
The company says its value proposition lies (Read more...)