Tribal Credit, the renowned crypto-focused enterprise payment platform, has secured $60 million in oversubscribed financing round, putting the company on track to accelerate its growth in Latin America, a region where blockchain-based cross-border payments have experienced substantial momentum.
SoftBank Latin America Fund, a venture fund that has invested in various fintech and software startups across the region, led the Series B investment round. Along with Coinbase Ventures, QED Investors, BECO Capital, and Rising Tide, venture firms BECO Capital, Rising Tide, and QED Investors participated in the round.
Tribal Credit aims expansion
Tribal Credit plans to use the funds to expand its activities all through the area, including the formation of local teams in Brazil, Mexico, Colombia, Peru, and Chile.
Tribal raised $40 million in a “hybrid” debt round that included dollars and stablecoins. In December 2021, it teamed up with the non-profit group Steller to bring a cross-order payment solution. In April 2021, Tribal Credit began merging with Stellar.
The company has also teamed with Bitso, the Latin American crypto exchange platform, to provide small and medium-sized businesses with cross-border payment and settlement services. Tribal stated that business owners in Mexico would be able to pay for goods and services in their local peso currency while receiving payments in dollars from their counterparts in the U. S.
Latin America has emerged as a key hotspot of cryptocurrency adoption and research, with citizens and even administrations looking to digital assets to battle inflation and encourage economic growth. El Salvador became the first country in the world to accept Bitcoin (BTC) as legal money in June 2021. Brazil is also moving in the same direction, with over 10 million citizens participating in crypto.
As TheCoinRise reported, Arizona is also on the way to adopt Bitcoin as the legal tender.