Tribal Credit, 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.
Tribal will use the money to continue building out its Latin America teams and plans to release some crypto-related products later this year.
Japanese conglomerate SoftBank launched the $5 billion SoftBank Latin America Fund in 2019. A $3 billion Latin America Fund II followed last September.
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.
“Tribal is using crypto to change the game’s rules for payments and lending fundamentally. 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.