San Francisco-based Tribal, a B2B payments and financing platform for emerging markets, has raised $60 million in Series B funding led by SoftBank Latin America Fund, as it eyes further expansion into Latin America.
Tribal intends to use the proceeds to continue building its local teams in Brazil, Mexico, Colombia, Peru and Chile.
Coinbase Ventures also participated in the funding round, as well as existing investors BECO Capital, QED Investors and Rising Tide.
In addition to the $60 million Series B, secondary shares were tapped into to add high-value crypto and strategic investors Circle Ventures, AGE Fund, Third Prime, Canas Capital and Acuity Ventures.
Amr Shady, CEO of Tribal, said: “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 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,” added Shu Nyatta, managing partner of SoftBank Latin America Fund.
In January 2022, Tribal raised a new debt round of $40 million, which was financed by Partners for Growth and Stellar Development Foundation.
At the time, Shady said it was “one of the first hybrid debt rounds combining both fiat and stablecoins”.
Tribal launched its beta spend management platform to enterprise customers in December 2019 and, in 2020, launched Tribal Pay for SMBs, providing customers with international and local wires to more than 180 countries.