Tribal Credit raises $60 million in SoftBank-led Series B round

San Francisco-based Tribal has raised $60 million in an oversubscribed Series B funding round led by the SoftBank Latin America Fund, and plans to use the funds to expand in the Latin America region. 

Tribal’s core product is a payment and financing platform that helps small and mid-size businesses (SMBs) in emerging markets gain access to financial services. For example, it recently unveiled a cross-border payment system with Bitso and the Stellar Development Foundation, which focuses on converting Mexican pesos to the dollar-pegged stablecoin USDC.

The startup has customers in more than 22 countries, but cites Latin America as a key market. In fact, Tribal previously raised $34.3 million last April to focus on its growth in Mexico.

With the most recent raise, the company is looking to replicate its growth in Mexico and expand its presence in other countries in the Latin America region where it has existing customers, Tribal CEO Amr Shady told The Block. 

“Moving forward with this raise, we’re really taking that success that we had in Mexico and just replicating this in other [Latin America] markets,” Shady said. “What the raise means is that we’re going to be providing even more support, even more localized services in these markets, with a focus on Brazil, Colombia, Chile and Peru.”

Shady says that the company plans to hire about 300 more people, many of which would be located in the Latin America region. The company has already hired close to 250 people for its operations in Mexico, he said.

Coinbase Ventures joined the funding round, and existing investors ECO Capital, QED Investors, and Rising Tide participated as well. The company said it also tapped secondary shares to include Circle Ventures, AGE Fund, Third Prime, Canas Capital, and Acuity Ventures. 

Just last month, Tribal also announced a $40 million debt round via financing from Partners for Growth and Stellar Development Foundation. That debt round was unique because it included both fiat currency and stablecoins.