Tribal, a B2B financing payment platform for emerging markets, has raised USD 40 million in new risk debt, as disclosed by a statement to Cointelegraph Español this January 8, 2022.
The debt is financed by Partners For Growth (PFG) and Stellar Development Foundation (SDF) with the aim of helping the Tribal platform, expand its financing and payment services for small and medium-sized SMEs., towards new countries in Latin America.
“It is one of the first hybrid risk debts that combine currencies FIAT Y cryptocurrencies stable. It’s a sign of cryptocurrency moving into widespread use and adoption among buyers, ”said Amr Shady, CEO of Tribal.
According to the statement, the risk debt comes at a time of important development and impact for Tribal, after a considered growth of 50% in Latam, expanding coverage in its services to customers of Mexico, Chile, Peru, Colombia and Brazil.
“This collection will help Tribal finance the accounts receivable from our growing customer base in Mexico, Brazil, Chile, Colombia and Peru. It has been a pleasure working with the PFG team and we are excited to be able to expand our partnership. We are also delighted to work closely with our equity investor SDF and to use Stellar USDC to finance SME growth in emerging markets. ” said Duane Good, COO of Tribal.
62 million SMEs transact globally each year, with the LATAM region representing a $ 175 billion market opportunity, led by Mexico – Tribal’s largest market.