Latin American B2B payments and financing platform Tribal has raised $60m through a Series B financing round led by SoftBank Latin America Fund.

The round was joined by Coinbase Ventures as well as existing backers Rising Tide, QED Investors, and BECO Capital.

In addition to the Series B funding, Tribal divested its secondary shares to AGE Fund, Circle Ventures, Third Prime, Acuity Ventures, and Canas Capital.

The proceeds from the new funding round will help the firm to build out its teams in Brazil, Mexico, Colombia, Peru, and Chile.         

The round follows the company’s recent $40m crypto and fiat hybrid debt round led by Partners for Growth (PFG) and Stellar Development Foundation (SDF).

Last year, the firm closed a combined Series A and debt round of $34.3m led by QED Investors and PFG.

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By GlobalData

Tribal CEO Amr Shady CEO said: “Tribal is attracting the best talent to power our business growth. We’ve grown our LatAm volume by 90x in 2021.

“We’re thrilled to have value-add investors with strong operating experience who share our vision of democratising access to world-class financial services for emerging-market SMBs.”

In December 2019, Tribal rolled out its beta spend management platform to enterprise customers, enabling access to physical and virtual corporate cards.

In 2020, the firm launched Tribal Pay to facilitate international and local wires to more than 180 countries and enable customers to finance the payments for up to 120 days.

SoftBank Latin America Fund managing partner Shu Nyatta commented: “Tribal is using crypto to fundamentally change the rules of the game for payments and lending. Very few companies can bridge TradFi and DeFi in such an innovative, yet seamless way.

“We are incredibly excited to be partnering with Amr and the team as they expand credit for small businesses in emerging markets.”