Silicon Valley-based fintech company, Tribal Credit, is planning to expand its activities to the Saudi Market a thriving market, and to offer an IPO in Saudi Arabia in the next 3 years, according to Amr Shady, the CEO of Tribal Credit.
“Saudi Arabia is witnessing remarkable progress and we provide innovative financing solutions to support companies and create more job opportunities,” Shady added.
The company strategy aligns with Saudi Vision 2030 to promote financial access, SME competitiveness, and GDP growth and diversification.
This is aimed at bridging the financing gap for small and medium-sized enterprises. The fintech company designs specialized financing solutions for these companies, enabling them to achieve market excellence in both the domestic and global markets, thereby creating more job opportunities in the Kingdom.
Working with several industry-leading investors like SoftBank, QED Investors, BECO Capital, Endure Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal Credit provides innovative financial solutions to companies at various stages of their development, according to a company statement.
“We’re not just expanding to Saudi; it’s at the heart of our global success,” said Amr Shady, CEO of Tribal Credit. “We are harnessing the momentum of Saudi Vision 2030, the thriving IPO market and our internal readiness to strengthen our presence in the Kingdom and use it as a springboard for global expansion. We plan to IPO in the Kingdom in the next 3 years to accelerate our growth globally.
Duane Good, COO of Tribal Credit, said “Saudi Arabia is pivotal to Tribal Credit’s global success and growth strategy. Saudi Arabia is a market with immense potential. It has a robust economy, and its Vision 2030 is perfectly aligned with our mission to empower SMEs.”
Emerging market SMEs face a staggering $1.5 trillion financing gap and a $300 billion cross-border payments market, limiting their access to quality financial services.
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