US-based B2B payments fintech and financing platform for emerging markets, Tribal landed in Brazil in February this year, shortly after raising a $60 million Series B, led by SoftBank. This week, the company announced a new initiative: the creation of Tribal Ventures, a fund to support early-stage emerging market startups.
To LABS, the company informed that its new investment arm should make contributions of up to US$ 250,000 per startup and that the goal is to invest in about 30 fintechs around the world – which means that Tribal can invest up to US$ 7.5 million in startups. In addition to Brazil, Tribal also operates in Mexico, Colombia, Chile, and Peru. The fintech‘s goal is to gradually reach all the main emerging markets not only in Latin America but also in Africa and the Middle East.
The company seeks to offer all the payment solutions that companies and startups need on a single platform: from corporate cards in different currencies, local and international transfers to lines of credit for purchases, and an expense management platform. Among the startup‘s clients are companies such as Ben & Frank, Grupo Anderson, Mora Mora, Cerveza Rrëy, SkyAlert, Chop Chop Bikes, Wax Revolution, Mi Águila, Frubana, Tul, and Crehana.
In Brazil, Tribal intends to open more than 100 vacancies by the end of the year; currently, it has 230 employees worldwide.