In a recent announcement, Tribal Credit, a prominent Silicon Valley fintech firm specializing in empowering SMEs in emerging markets, revealed its strategic expansion into the Saudi Arabian market. This move is aligned with the objectives of Saudi Vision 2030, aimed at enhancing financial accessibility, promoting SME competitiveness, and fostering GDP growth and diversification within the Kingdom.
Tribal Credit regards Saudi Arabia as a cornerstone of its global success and intends to leverage its presence in the Kingdom to expedite global expansion. Moreover, the company aims to maximize the mutual benefits of Saudi Arabia’s ongoing developments, thereby fostering job creation and investment opportunities. Working in collaboration with esteemed investors such as SoftBank, QED Investors, BECO Capital, Endure Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal Credit offers innovative financial solutions tailored to companies at various stages of their growth journey.
Tribal Credit has affirmed its dedication to contributing to the attainment of the goals outlined in Saudi Vision 2030, a vision led by His Royal Highness Prince Mohammed bin Salman, Crown Prince, and Chairman of the Council of Ministers. The company seeks to enhance Saudi Arabia’s standing as a leading fintech destination by providing comprehensive financial solutions in accordance with applicable laws and regulations. This initiative is particularly focused on bridging the financing gap for small and medium-sized enterprises (SMEs). Tribal Credit designs specialized financing solutions that empower these enterprises to excel in both domestic and global markets, consequently facilitating the creation of more job opportunities within the Kingdom.
Tribal Credit CEO, Amr Shady, emphasized the company’s profound commitment to Saudi Arabia, stating, “Our expansion into Saudi Arabia is not merely an expansion; it lies at the core of our global success strategy. We are capitalizing on the momentum of Saudi Vision 2030, the flourishing IPO market, and our internal readiness to bolster our presence in the Kingdom. We have plans to launch an IPO within the Kingdom over the next three years, a move that will accelerate our global growth.”
Duane Good, COO of Tribal Credit, underlined the pivotal role Saudi Arabia plays in the company’s global success and growth strategy. He highlighted the Kingdom’s substantial economic potential and the perfect alignment of Saudi Vision 2030 with Tribal Credit’s mission to empower SMEs.
Tribal Credit’s expansion into Saudi Arabia is poised to bolster the vision of Saudi Vision 2030 by addressing the financial needs of SMEs, a critical component of economic growth and diversification. The company offers specialized financial solutions tailored to the unique requirements of these businesses, enabling them to excel both locally and globally and thereby creating more employment opportunities.
Tribal Credit recognizes the substantial financing gap faced by SMEs in emerging markets, amounting to a staggering $1.5 trillion, along with a $300 billion cross-border payments market, which limits their access to quality financial services. To bridge this financing gap, Tribal Credit is committed to providing tailored financial solutions that adhere to local regulations, thereby expanding funding accessibility for SMEs and aligning with the financial initiatives of Vision 2030.
Furthermore, Tribal Credit is dedicated to equipping Saudi SMEs with advanced tools and insights, empowering them to excel in both local and international markets. This strategic move aligns with the goals of Vision 2030 by fostering competitiveness and innovation within the SME sector.
By concentrating on key industries, Tribal Credit aims to bolster economic diversification, reducing reliance on oil and aligning with Vision 2030’s diversification objectives. This contribution is expected to result in a more resilient and sustainable economy in Saudi Arabia.
Leveraging its international experience and track record, Tribal Credit intends to utilize Saudi Arabia as a launchpad for innovation and expansion. This global perspective is poised to catalyze innovation and drive SME growth, not only within the Kingdom but also on a global scale.