Tribal, a global fintech company, has launched an expense management platform designed to give small, medium, and micro enterprises (SMMEs) in the MENA region greater control over their finances.
Tribal’s payment and financing platform uses emerging technologies to help small and medium-sized businesses (SMBs) in emerging markets access modern financial services. The platform offers multi-currency physical and virtual business credit cards, local and international wire transfers, short-term financing, and a powerful spend management system—all within a single interface.
According to the International Monetary Fund, SMMEs and startups make up over 90% of all businesses in the MENA region. Many of these organizations are prioritizing digitization to adapt to post-pandemic realities and ongoing economic challenges.
Digitizing financial operations allows SMMEs to avoid risks, manage resources efficiently, and make real-time decisions. By harnessing digital tools, finance teams can control spending and adjust strategies based on current business conditions.
Tribal reports that companies using its platform in May 2022 generated more real-time financial reports than before. These reports, along with bank transfers and credit card management, rank among the top three activities performed by Tribal clients.
Amira Fadel, Regional Manager for Tribal MENA, said: “An instrumental factor in SMME growth is the ability to control and monitor expenses. By automating these processes and analyzing data, specialized digital platforms like Tribal’s provide finance teams with a clear picture of expenditures, enabling them to focus on adding value and driving growth.”
A December 2021 study by the Organisation for Economic Co-operation and Development (OECD) found that 70% of SMMEs accelerated their use of digital technologies during the pandemic. Effective expense monitoring is integral to a digital transformation strategy, as it helps reduce risks and eliminates issues associated with traditional expense control, such as manual errors, false invoices, and misuse of funds.
Traditional banks often struggle to offer sophisticated digital solutions tailored to startups and SMMEs, which may not meet strict requirements. Fintech companies like Tribal have emerged to fill this gap by providing flexible, tailored digital financial solutions.
Fadel added: “Tribal’s expense control platform enables companies to assign credit limits for each employee or team, and provides the ability to issue an unlimited number of corporate credit cards, maximizing resource efficiency.”
By introducing advanced expense control solutions for startups and SMMEs, Tribal is supporting economic growth in the MENA region by helping businesses innovate and accelerate digital transformation. Tribal’s vision is to unify all financial management processes on one platform, creating the most comprehensive and efficient solution for its clients.
Tribal has raised funding from SoftBank Latin America Fund, QED Investors, BECO Capital, Stellar Development Foundation, Coinbase Ventures, and other strategic investors. The company is also part of the Visa FinTech Fast Track program.
