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Tribal Credit closes $5.5 million in Seed Funding Round

Tribal CreditTribal Credit raised $5.5 million in a funding round from BECO Capital and Global Ventures, according to news reports. The funds will be used to support startups in emerging markets and enable them not to be constrained by local financial barriers.

Tribal Credit offers a business credit card for seed, series A or later stage startups providing AI-driven approval processes and advanced card technology, thereby eliminating the requirement of a corporate credit card. Startups can get instant access to credit and complete control over their spending.

According to news reports, Tribal Credit in a statement mentioned that there is a dearth of formal savings and credit among approximately 200 million SMEs in emerging economies. Thereby leading to a slowdown in their growth. Strict banking regulations often limit or make difficult the opening of business bank accounts, obtaining credit cards, and making cross-border payments.

“Tribal Credit will bring startups closer to the payment channels and capital they need to grow and scale, giving them access to banking services previously only available to large corporates,” said Amr Shady, Co-Founder & CEO, Tribal Credit, according to media reports.

“Blockchain is key for achieving business financial inclusion in emerging markets,” said Mohamed Elkasstawi, Co-Founder & Chief Strategy Officer, Tribal Credit.

Duane Good, Co-Founder & President, Tribal Credit said, “Tribal Credit will help remove financial barriers for the next generation of global entrepreneurs.”

The USA-based company which is Egyptian-led is a FinTech company backed by Endure Capital, 500 Startups, Valve VC, AR Ventures, Off the Grid Ventures, Rising Tide Fund, RiseUp and Tribe Capital.

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