SoftBank LatAm Fund backs Tribal in $60m Series B

B2B payments and financing platform Tribal has raised $60m from a Series B led by SoftBank Latin America Fund.

Also taking part in the round were Coinbase Ventures, BECO Capital, QUD Investors, Rising Tide, Third Prime, Acuity Ventures, Canas Capital and AGE Fund.

Founded in 2016, Tribal provides corporate cards and financial solutions to help power startup growth in emerging markets. The company launched its beta spend management platform to customers in 2019.

The company previously raised $40m in crypto and fiat hybrid debt and closed a combined Series A and debt round of $34.3m.

According to Tribal, to support its growing customer base in over 22 countries and its rapid expansion across LatAm, it will use the most recent funds to continue building its local teams in Brazil, Mexico, Columbia, Peru and Chile.

Tribal CEO Amr Shady said, “Tribal is attracting the best talent to power our business growth. We’ve grown our LatAm volume by 90x in 2021. We’re thrilled to have value-add investors with strong operating experience who share our vision of democratising access to world-class financial services for emerging-market SMBs.”

Tribal CSO Mohamed Elkasstawi added, “At the intersection of crypto, credit, and payments, there are amazing opportunities for FinTechs in emerging markets. We could not be more excited for what 2022 holds for us and our customers.”

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