- US-based fintech company, Tribal Credit, has renewed its $150 million debt facility from Partners for Growth (PFG), a global specialty lending firm focused on emerging growth companies.
- The debt facility will enable Tribal to fuel its expansion plans in Saudi Arabia and Mexico.
- The Silicon Valley company, founded in 2016, provides small businesses in emerging markets with enhanced access to financial solutions. It was founded by Amr Shady, Duane Good, Hariraj Jayakumar, Mark Graves, Mohamed Elkasstawi, and Prasant Sudhakaran.
Tribal Credit, a pioneering financial platform empowering SMEs in emerging markets to grow and compete globally, is thrilled to announce an increased and renewed debt facility of $150 million USD with Partners for Growth (PFG). Renewed through 2025, this upsized facility is not only a testament to Tribal's remarkable credit performance but also an accelerator for the company's ambitious growth plans in Mexico, Saudi Arabia and beyond.
This significant expansion will notably enhance Tribal's presence in Saudi Arabia in accordance with applicable laws and regulations, serving as the core of its global expansion strategy. Further, it will fuel the company's continued growth across Mexico and Latin America, enabling Tribal to bring more SMEs into the fold of its innovative financial services.
Over the past few years, Tribal's diligent investment in credit processes, tools, products, and team has culminated in exceptional credit performance, even amid challenging market conditions. This achievement has facilitated a healthy revenue mix from both financing and payment products, reinforcing the company's robust financial health and laying the foundation for sustainable growth.
Partners for Growth, a global specialty lending firm focused on emerging growth companies, highlights Tribal's exceptional credit performance and sophisticated financial products. "Tribal Credit has consistently demonstrated strong credit performance even in challenging market conditions.
Their continued investment in the credit process, tools, and the team has paid dividends," says Armineh Baghoomian, Managing Director, Head of Europe, Middle East and Africa, Co-Head of Global Fintech at PFG. "In addition, they have innovated and launched financial products that truly meet the needs of SMEs in emerging markets. We're thrilled to extend our partnership with Tribal and excited to support Amr, Duane and the team as they continue shaping the landscape of financial services."
Tribal has reshaped the financial landscape for SMEs in emerging markets by prioritising accessibility to credit and digital payments. In doing so, it has empowered a remarkable number of SMEs to fuel their growth, making a lasting impact in these markets. Throughout its journey, Tribal has facilitated a substantial volume of transactions via its corporate credit cards and B2B cross-border products, demonstrating its crucial role in empowering emerging markets.
"We're delighted to fortify our partnership with Partners for Growth," says Duane Good, Tribal COO and Co-Founder. "We emphasize building enduring relationships with our clients, and nurturing our ties with capital partners is equally essential." Good, alongside Amr Shady, Tribal CEO and Founder, sees the enhanced debt facility as a testament to Tribal's mission and potential. "This funding will equip us with the necessary resources to seize exciting market opportunities ahead," Shady adds. "We're eager to continue our journey of developing innovative tech solutions to help SMEs thrive in emerging markets, especially in Mexico and Saudi Arabia."