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SoftBank Leads $60M Funding Round for B2B Payments Platform Tribal
Tribal will use the money to continue building out its teams in Latin America, and also plans to release some crypto-related products later this year.
Tribal Credit, a business-to-business payments and financing platform for emerging markets, has raised $60 million in a Series B funding round led by SoftBank Latin America Fund, with participation from Coinbase Ventures. The round brings total funding for Tribal up to $140 million.
Japanese conglomerate SoftBank launched the $5 billion SoftBank Latin America Fund in 2019. A $3 billion Latin America Fund II followed last September.
STORY CONTINUES BELOW
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Other participants in the round included BECO Capital, QED Investors and Rising Tide. In addition to the funding round, secondary shares were offered to Circle Ventures, AGE Fund, Third Prime, Canas Capital and Acuity Ventures.
San Francisco-based Tribal has customers in over 22 countries, and will use the funding to continue building out its teams in Brazil, Mexico, Columbia, Peru and Chile.
Read more: B2B Payments Platform Tribal Raises Debt Round Including $20M in Stellar USDC
“Tribal is using crypto to fundamentally change the rules of the game for payments and lending. Very few companies can bridge TradFi and DeFi in such an innovative, yet seamless way,” said Shu Nyatta, Managing Partner of SoftBank Latin America Fund, in a press release.
Last month, Tribal raised a $40 million debt round from the Stellar Development Foundation, which brought stablecoin USDC into the Tribal ecosystem. The company said crypto-related products would launch this year but hasn’t provided specifics.
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
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