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The financial tech services company Tribal announced that they will begin their expansion into Peru, Colombia, and Chile. This is after the consistent growth they’ve had in Mexico since 2020.
Tribal was created in 2016 and is based in San Francisco, and their main product is a credit card focused on SMEs and startups
Most of the US$43.4 million Tribal has raised in equity funding so far comes from the Series A investment round they received earlier this year, which was led by QED Investors and Partners for Growth (PFG). Other investors also participated, including BECO Capital, Global Ventures and Endeavor Catalyst.
Tribal will begin operating in these Latin American countries with a portfolio of credit lines, payment solutions, and transactions in different currencies; all free of commission and interest.
The customers that Tribal has so far are SMEs and scaleups of different sizes and sectors. These include Grupo Anderson, Ben & Frank, Mora Mora, Cerveza Rrëy, SkyAlert, Chop Chop Bikes and Wax Revolution in Mexico; Mi Águila, Frubana and TUL in Colombia; and Crehana in Peru.
Their focus on SMEs and startups responds to the present need in the region to achieve optimal business digitization. Offering a growing business loan product requires a deep understanding of their needs and potential.
Focused Credit for Startups in LatAm
In the current global context, companies in Latin America are in constant search of more financial and intelligent alternatives. According to data from Forbes, in 2020 companies in the region allocated about 45% of their technology budget to information technology and 38% to the acquisition of cloud storage.
It is predicted that by 2023, 75% of organizations will have digital transformation plans, a 27% higher growth than in 2020.
In addition, Latin America is having a particularly large growth in terms of startups. With the US$9.3 billion dollars that startups in the region have received in just the first half of 2021, LatAm has an important market of companies that need suitable products to accompany them in their growth.
Tribal is one of the companies looking to offer them.