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Tribal upsizes debt facility to $150m with Partners for Growth

By Delisha Fernandes

October 17, 2023

  • B2B cross-border products
  • Credit Cards
  • credit performance
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Tribal, debt facility, financial platform, SMEs, credit performance, financial services, investment, credit cards, B2B cross-border products, Fintech news, Fintech MENA. Financial newsTribal Credit, a financial platform empowering SMEs, has announced an increased and renewed debt facility of $150 million with Partners for Growth (PFG).

This significant expansion will enhance Tribal’s presence in Saudi Arabia in accordance with applicable laws and regulations. Further, it will fuel the company’s continued growth across Mexico and Latin America, enabling Tribal to bring more SMEs into the fold of its innovative financial services.

Tribal’s diligent investment in credit processes, tools, products, and team has culminated in exceptional credit performance, even amid challenging market conditions. This achievement has facilitated a healthy revenue mix from both financing and payment products, reinforcing the company’s robust financial health and laying the foundation for sustainable growth.

“Tribal Credit has consistently demonstrated strong credit performance even in challenging market conditions. Their continued investment in credit process, tools, and team have paid dividends,” said Armineh Baghoomian, Managing Director, Head of Europe, Middle East and Africa, Co-Head of Global Fintech at PFG. “In addition, they have innovated and launched financial products that truly meet the needs of SMEs in emerging markets.”

Tribal has reshaped the financial landscape for SMEs in emerging markets by prioritizing accessibility to credit and digital payments. The company has empowered a remarkable number of SMEs to fuel their growth, making a lasting impact in these markets. Throughout its journey, Tribal has facilitated a substantial volume of transactions via its corporate credit cards and B2B cross-border products, demonstrating its crucial role in empowering emerging markets.

“We are delighted to fortify our partnership with Partners for Growth,” said Duane Good, Tribal COO and Co-Founder. “We emphasize building enduring relationships with our clients, and nurturing our ties with capital partners is equally essential.”

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