In what could be termed as an important development for the category of payment platforms, Tribal, the payment platform, and B2B funding company has successfully raised $40 million in the investment. This money has been raised from the two organizations: Stellar Development Foundation (SDF) in debt funding and Partners for Growth (PFG) in Venture Debt. Read more information on the Stellar coin price prediction suggesting the impact of market dynamics on the price projection.
Tribal is a well-established market player in the category of payment platforms and B2B financing. The organization is based in San Francisco and has been involved in offering financing and payment solutions for organizations operating on both small- and medium-scale. The $40 million of funding that the organization has received comes into equal parts, i.e., $20 million each from SDF and PFG.
Commenting on this occasion, the chief strategy officer of Tribal, Mohamed Elkasstawi, expressed confidence that this particular funding will prove instrumental in providing easy, fast, and convenient payment solutions to clients of the company. However, it is important to know that access to money to the clients of the organization will not be provided in terms of cryptocurrencies.
Many research studies have indicated that small- and medium-scale organizations across the globe find it difficult to have access to financial solutions and money for expanding their business. The most critical problem these companies face is the high-interest rate on the loan amount. It starts from highish 20% and can go up to as high as 200% per annum. On the contrary, the interest rate that is available on cryptocurrency financing is quite low, with a lower threshold starting at 10% while the upper limit pegging at 50%.
Tribal is actively involved in creating infrastructure that will pave the way to integrate cryptocurrency with traditional financial solutions. Stable coins can prove instrumental in this regard, and the organization is actively researching the use cases on this front to offer convenient solutions to small- and medium-scale organizations. Some of the services offered by the Tribal include short term financing, wires (international and local), a platform to control the various expenses, and credit cards (virtual as well as physical).
Tribal is gearing to offer cryptocurrency-related products to its clients this year, although official details in this regard are yet to be revealed by the organization. In December last year, Tribal came out with the service that facilitates the cross-border cement between businesses operating in Mexico and the US. This service had been rolled out in partnership with Bitso cryptocurrency exchange and SDF.
This particular funding round will help Tribal to widen its services and strengthen its portfolio in the markets such as Mexico, Chile, Mexico, Peru, and Colombia. In addition, Tribal is planning to expand its presence in Latin America with a specific focus on Argentina besides expanding its wings in the South Asian, African, and European regions.
