Tribal, a global fintech company, introduced its expense management platform giving small, medium, and micro enterprises in the MENA region more control over their spending.
Tribal is a payment and financing platform that uses the latest emerging technologies to provide small and medium-sized businesses (SMBs) in emerging markets with better access to financial services.
Tribal offers access to modern payment methods like multi-currency physical and virtual business credit cards, local and international wires, short-term financing, and a powerful spend management platform to track and control their expenses—all in one interface.
According to a study by the International Monetary Fund, SMMEs, including startups, account for over 90% of all businesses in the MENA region. Many of these organizations are looking to adopt new technologies and digitize to effectively adapt to the realities of the post-pandemic world and current macroeconomic challenges.
Digitization and automating financial operations can help SMMEs avoid financial risks, manage resources efficiently, and make real-time decisions.
By harnessing digital tools, finance teams can control and monitor the use of resources in real-time, informing decision-making and allowing them to adapt to changing business conditions in real-time.
According to Tribal, organizations using its digital platform prepared more internal and real-time financial reports in May 2022. The development of these reports is one of the top three activities carried out by Tribal clients, along with bank transfers and credit card management.
Amira Fadel, Regional Manager for Tribal MENA, said: “An instrumental factor in the growth of SMMEs is the control and monitoring expenses. By automating these processes and analyzing data, digital platforms specialized in these areas can greatly improve companies because they provide finance teams with a clear picture of expenditures, allowing them to focus on providing value and creating growth.”
70% of SMMEs have accelerated the use of digital technologies since the pandemic – According to a December 2021 study by the Organisation for Economic Co-operation and Development (OECD).
Effectively monitoring and controlling expenses is integral to a digital transformation strategy as it allows companies to reduce risks and avoid the complications that often come with traditional expense control, such as manual errors, false invoices, and improper use of funds.
However, it can be challenging for many startups to access sophisticated digital solutions through traditional banking because they do not meet the required requirements or do not find solutions tailored to their needs. Fintech companies have emerged as an alternative to meet the unique digital and financial needs of startups and SMMEs.
Fadel added: “Tribal’s expense control platform makes it possible to maximize efficient use of resources by assigning credit limits for each employee or team in a company. Also, through its value offer, the company offers the possibility for companies to have an unlimited number of corporate credit cards.”
By bringing these digital solutions for expense control to startups and SMMEs, Tribal is supporting economic growth in the region by helping companies innovate, integrate, and accelerate into the future. Tribal’s vision is to streamline all financial management processes onto one unified platform to create the most efficient and comprehensive solution for its clients.
Tribal has raised funding from SoftBank Latin America Fund, QED Investors, BECO Capital, Stellar Development Foundation, Coinbase Ventures, and additional crypto and strategic investors. The company is also among an elite group chosen as part of the Visa FinTech Fast Track program.