The expansion comes at a moment of significant development and momentum for Tribal Credit, which has seen more than 50x growth in LatAm since early 2021, serving many of the fastest-growing small and medium-sized businesses (SMBs) in Mexico.
“In Latin America, we see issues of access to affordable credit, global payments, and remittances for businesses in many countries, where it’s still difficult to obtain savings accounts and debit cards. We decided to enter these markets to offer a comprehensive payment solution that helps boost the growth of these companies in a digital, fast, and secure way,” said Sonia Michaca, Tribal Regional Manager for LatAm. Sixty-two million SMBs are transacting globally every year, with the LatAm region representing a $175 billion market opportunity led by Mexico—Tribal Credit’s biggest market. San Francisco-based Tribal Credit closed a combined Series A and debt round of $34.3 million last April, which fueled their expansion into Mexico. QED Investors and Partners led the investment for Growth (PFG). Existing seed investors BECO Capital, Global Ventures, OTG Ventures, and Endure Capital also participated in the round.