Tribal Credit, Bitso, Stellar Development Foundation Partner to Enable Faster, Cheaper International B2B Payments in LatAm
Tribal Credit, a B2B payment and financing platform for emerging markets, is joining forces with leading Latin American crypto exchange, Bitso, and the Stellar Development Foundation (SDF), to create instant and cheaper cross-border payment services between Mexico and the US.
Tribal Credit’s new cross-border payment service enables companies in Mexico to send B2B payments in Pesos to the US, where recipients will receive the payments in USD.
Mohamed Elkasstawi, Tribal Credit’s Chief Strategy Officer who is spearheading the company’s blockchain efforts, said, “Our goal is to save time and money for SMBs across LatAm who are sending payments to the US, particularly payments that are time-sensitive or require improved traceability.”
Sixty-two million SMBs are transacting globally every year, with the LatAm region representing a $175 billion market opportunity led by Mexico. Tribal Credit’s faster and more affordable cross-border payment option is facilitated by Bitso, the most liquid crypto exchange in the region, which will enable Pesos to Stellar USDC conversion.
“Bitso and Tribal Credit share a common mission of providing top-tier financial services to SMBs across Latin America,” said Carlos Cota, Product Manager at Bitso. “Our hand in providing rails for moving funds from Mexican to US businesses reflects our belief in the potential for cryptocurrency to revolutionize payment transactions in a global digital economy.”
Tribal’s cross-border payments will utilize the open-source Stellar network, a decentralized sustainable network for financial products and services that supports cross-currency transactions and digital asset issuance.
“Partnerships like this show how Stellar ecosystem companies can help improve and extend financial services in emerging markets. Combining the lending capabilities of Tribal with Bitso’s exchange, and leveraging the low cost and high speed of Stellar USDC, this partnership has the potential to significantly expand financial access for SMBs in the LatAm region,” according to SDF Vice President of Business Development and Partnerships, Mark Heynen.
Using a proprietary, AI-driven approval process, Tribal provides a suite of financial services to help SMBs in Latin America pay expenses and optimize their financial management, including multi-currency corporate VISA cards with spend controls, credit lines for on-card purchases and a payroll service for employees and contractors.
“With Tribal Credit’s new cross-border payment service, we’re leveraging blockchain technology and cryptocurrency for backend design to dramatically improve front-end user experience,” said Arvind Nimbalker, Global Head of Product of Tribal Credit. “Businesses can enjoy all the benefits of blockchain technology without needing to become experts in the space.”
Tribal Credit beta launched in December 2019 offering corporate cards and a spend management platform for startups and SMBs in emerging markets. With the increased demand for more efficient online B2B banking experiences, especially at the onset of the pandemic, Tribal Credit expanded its payments and financing products to include Tribal Pay, helping customers settle non-card purchases and benefit from extended payment terms.
With expertise honed at leading tech companies and financial institutions, Tribal Credit’s founding team of serial entrepreneurs, data scientists, and fintech execs have built and scaled startups in both emerging markets and the US. To spearhead its growth as it scales across markets, the company attracted a global management team of former HSBC, Visa, Experian, Mercado Libre, American Express, Nubank, Marqeta, Didi Pay, among other leading startups and top financial institutions.
People In This Post
Companies In This Post
- US B2B Payment Tech Firm Plastiq Has Declared Chapter 11 Bankruptcy Read more
- Pesto Takes on Pawn Lending, Announcing Launch of the First Asset-Backed Credit Card and New Funding Round Read more
- DC BLOX, Inc. Announces 2nd Subsea Cable in Horry County Read more
- Fannie Mae Reminds Homeowners, Renters, and Mortgage Servicers of Disaster Relief Options for Those Affected by Typhoon Mawar in Guam Read more
- PayrollOrg Announces Recipients of Third Annual Showcase Standout Awards Read more