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Tribal, the B2B payment and financing platform for emerging markets, announced a US$60 million investment round in a Series B led by SoftBank’s fund II for Latam.
Coinbase Ventures, BECO Capital, QED Investors and Rising Tide also joined this investment round. It also turned to secondary stocks to include high-value crypto and strategic investors such as AGE Fund, Circe Ventures, Third Prime, Canas Capital and Acuity.
This round will be used to support its growing client base in around 22 countries and to expand in Latin America. Tribal will continue to build local teams in Latin American countries where it already has a presence. Some of these include Mexico, Peru, Chile and Colombia.
Tribal offers financial products to SMEs in emerging markets. It is of American origin and is based in San Francisco, CA. However, after raising capital for US$34.3 million in a series A in April 2021, Tribal increased its presence in Latin America with its products. At the end of last year it started with operations in Colombia, Chile and Peru.
This new round follows the recent one that happened at the end of 2021. This previous round was a US$40 million debt round financed by the Stellar Development Foundation (SDF) and the venture debt financing company Partners for Growth (PFG). The round was significant because it combined fiat money with stable cryptocurrencies, or stablecoins; integrating US$20 million in USDC (USD coin) and the rest in dollars.
With the announcement of its new round, Tribal is also beginning to establish itself in Brazilian territory. It considers this a strategic choice as it is the largest fintech ecosystem in the region. The startup debuts in Brazil offering all its solutions for companies.
Tribal is currently building a local team for the Brazilian market, and intends to generate more than 100 direct jobs by the end of 2022. The company has 230 employees working in different locations around the world.
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