Tribal Credit, a US-based financial platform, announced an increased and renewed debt facility of $150 million USD with Partners for Growth (PFG), a global specialty lending firm.
The Silicon Valley company was founded in 2016 to provide small businesses in emerging markets with financial solutions. The founding team was Amr Shady, Duane Good, Hariraj Jayakumar, Mark Graves, Mohamed Elkasstawi, and Prasant Sudhakaran.
As the company is empowering SMEs in emerging markets to grow globally, this upsized facility is an accelerator for the company’s ambitious growth plans in Mexico, Saudi Arabia, and beyond as it is the core of its global expansion strategy.
The $150 million USD increased debt facility will boost the company’s growth across Mexico and Latin America, enabling Tribal to bring more SMEs to its innovative financial services.
Over the past few years, Tribal’s diligent investment in credit processes, tools, products, and teams has facilitated a healthy revenue mix from both financing and payment products, boosting the company’s strong financial health and sustainable growth.
“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.”
“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.”
Amr Shady, Tribal Credit 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.”
READ MORE: Tribal Credit plans expansion in Saudi market; offers IPO in next 3 years
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