Business

Visa partners with fintech Tribal in LatAm to expand small business offerings

Founded in 2019, the startup presents itself as “the all-in-one payment solution for small businesses,” specializing in offering financial products for businesses in emerging markets.

Credit card is seen in front of displayed Visa logo in this illustration taken July 15, 2021. Photo: REUTERS/Dado Ruvic/Illustration

Visa, the world’s largest payment processor, will partner with payment and financing firm Tribal to expand its offerings for small-and-medium-sized businesses in Latin America and the Caribbean, Tribal said on Monday.

Tribal, whose investors include SoftBank’s Latin America Fund, offers credit cards and payment options, including the usage of blockchain technology and stablecoins, to small businesses across Latin America.

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Founded in 2019, the startup presents itself as “the all-in-one payment solution for small businesses,” specializing in offering financial products for businesses in emerging markets. From the start, Tribal has looked closely at Latin America, where it already has operations in Colombia, Chile, Mexico, and Peru. 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.

READ ALSO: Only 3.8% of Brazilian cities have a developed payment ecosystem, Visa study shows

In January, Tribal raised a debt round of $40 million led by Partners for Growth (PFG) and Stellar Development Foundation (SDF) to expand its financing and payment services for small and medium-sized businesses (SMBs) to new countries in Latin America.

The firm said its partnership with Visa would focus on expanding credit lines, updating encryption and safety measures, and improving card distribution.

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