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B2B payments platform Tribal Credit raises $60 million

Updated: Aug 31, 2024
Published: Feb 3, 2022
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Tribal Credit, an enterprise payment platform specializing in cryptocurrencies, has raised $60 million in its latest Series B funding round

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SoftBank leads $60 million funding round

The Series B investment round was led by SoftBank Latin America Fund, a venture capital fund that has previously invested in several fintech and software companies in the region. Other participants in the round included BECO Capital, QED Investors, and Rising Tide. In addition to the funding round, Circle Ventures, AGE Fund, Third Prime, Canas Capital, and Acuity Ventures were offered secondary stakes.

"Tribal is using crypto to fundamentally change the rules of the game for payments and lending. Very few companies can bridge TradFi and DeFi in such an innovative yet seamless way," said Shu Nyatta, Managing Partner of SoftBank Latin America Fund. San Francisco-based Tribal plans to use the funding to expand further its teams in Brazil, Mexico, Colombia, Peru, and Chile.

What is Tribal Credit?

Founded in 2016, Tribal Credit provides credit cards and other forms of financing to start-ups in emerging markets. The company also uses a cross-border payment system backed by cryptocurrency exchange Bitso that allows businesses to convert local currencies into Stellar's USDC stablecoin. Last month, Tribal raised a $40 million debt round from the Stellar Development Foundation, bringing the USDC stablecoin into the Tribal ecosystem.

Latin America has become a significant epicentre for cryptocurrency adoption and testing. Locals and governments are turning to digital assets to fight inflation and spur economic growth. In June 2021, El Salvador became the first country to recognize Bitcoin (BTC) as legal tender. Brazil, the largest economy in the region, has also made great strides in cryptocurrency.

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