US startup Tribal Credit, which raised $9.1 million in a series of seed rounds, today announced that it has joined Visa’s Fintech Fast Track Program, adding it to an elite group of fintechs and accelerating its integration with Visa’s global payment network, the news was shared by Magnitt today.
Tribal Credit is a corporate card specially designed for startups in emerging markets. Using a proprietary AI-driven approval process, the San Francisco-based startup provides small and medium companies with access to payments and complete control over their spending.
Founded by serial entrepreneurs, data scientists and fintech execs who have built and led startups in both emerging markets and Silicon Valley, the startup aspires to bridge the business financial inclusion gap between the two.
Tribal Credit is backed by BECO Capital, Global Ventures, Endure Capital, 500 Startups, Rising Tide Fund, Off The Grid Ventures, and Tribe Capital, where they raised $5.5M, Seed funding in December 2019.
They have now seen demand from startups in the UAE, Saudi Arabia, Egypt, and Mexico who struggle to access usual financial services, such as opening bank accounts, or issuing credit cards.
“The Visa Fintech Fast Track Program is a critical enabler for us as we quickly scale our business to ensure global reach. Through direct engagement and integration with Visa’s global network, we can make our services available to new markets in weeks instead of months,” said Duane Good, President of Tribal Credit.
“By joining Visa’s Fast Track program, exciting Fintechs like Tribal Credit gain unprecedented access to Visa experts, technology, and resources,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.”
“Visa’s Fintech Fast Track will help us meet our goal of reaching over 500,000 corporate cardholders in emerging markets by 2024,” said Amr Shady, CEO of Tribal Credit.
After launching its waitlist in December, Tribal Credit has seen demand from startups in the UAE, Saudi Arabia, Egypt, and Mexico who struggle to access traditional financial services like opening bank accounts, issuing business credit cards, and making cross-border payments.