Tribal surpasses USD 150M milestone in B2B international transactions processed, transforming B2B global transfers ecosystem
San Francisco, CA, September 7th, 2023 – Tribal Credit's innovative international payments solution, Tribal Pay, has emerged as a powerhouse in redefining global B2B transactions for SMBs and companies. With remarkable expertise, the platform recently achieved the milestone of —processing over USD 150 million in international transactions. This new industry benchmark underscores Tribal Pay's unmatched performance in cross-border operations.
For Tribal, behind this milestone, lies the opportunity to further encourage SMEs and companies' participation in global trade and trends. Amr Shady, Founder and CEO of Tribal, explains, "At Tribal and through Tribal Pay, we're more than just payment international facilitators; from paying suppliers and managing payroll across different countries to handling your company's liquidity in multiple currencies, we're architects of global connections. Our mission is to empower businesses to thrive in the current global digital economy.”
Driven by the vision of "an easier way to do business with the world," Tribal Credit has consistently transformed its vision into reality. Through Tribal Pay, the company has been a key enabler for SMBs and companies to participate and create the following key commercial corridors in Latin America, MENA, and Europe, that reveal the following prominent trends in international trade.
*The data and findings below are based on an internal analysis of Tribal Pay’s international B2B transfers in 2022 and 2023.
1.- Mexico - US, an unstoppable commercial synergy towards the nearshoring arrival:
- Around 50% of Mexican corporate transfers head to US businesses, marking it as a vital hub for cross-border transactions.
- The US receives three times more transfers from Mexican companies than any other global market, underlining its importance.
- This reflects a solid platform for enterprises and SMEs, enabling them to participate in the growing nearshoring trend.
2.- Mexico, the hub of Spanish-speaking markets and beyond:
- Mexico is a critical link between Spanish-speaking markets, leading all markets in Latin America in sending and receiving payments across and within the region.
- Mexico also leads in payments to Spanish companies. Adding all B2B money transfers that Spanish companies receive, Mexico is the source of 70% of these payments.
- Mexico also plays a significant role in payments to Hong Kong, enhancing its North American partnership.
3.- KSA, leading commerce pivot in MENA:
- Saudi Arabia (KSA) serves as a central hub for commerce in MENA, with the most money transfer activity, surpassing the UAE and Egypt. Within MENA, KSA initiates four times more regional payments than any other market.
- KSA also leads the commercial activity with markets beyond MENA, such as Mexico, Latin America, and Europe.
- Meanwhile, the UAE and Egypt have emerged as strategic markets for global economies like GB and Spain.
One of the key benefits that sets Tribal Pay apart is its commitment to providing the actual exchange rate in all major currencies. This ensures that clients receive transparent and equitable dealings, taking away the uncertainty of hidden fees and unfavorable currency conversion. At the heart of Tribal Pay's success lies its credit-based cost structure, ensuring that businesses are charged based on resource usage, and eliminating unnecessary transaction costs. Going beyond financial efficiency, the platform's 24/7 availability, instant payment options, and user-friendly scheduling highlight its commitment to empowering businesses across time zones.
At Tribal, we are pioneers in the emerging landscape of B2B payments and financing solutions. Our unwavering commitment lies in fostering product innovation and agility, all aimed to continue empowering businesses and their leaders. With this major milestone in international payments, we reaffirm our commitment to lead the evolution of B2B payment solutions. As we progress, Tribal Pay will continually set the benchmark for excellence in global commerce.
Tribal Credit es una solución integral de pagos y financiamiento que aprovecha el poder de las tecnologías emergentes para cerrar la brecha de inclusión financiera para las PyMEs en mercados emergentes. Al proporcionar a las PyMEs acceso a métodos de pago modernos como tarjetas de crédito empresariales. La empresa ha obtenido financiamiento significativo de los principales inversores, incluidos SoftBank, QED Investors, BECO Capital, Stellar Development Foundation y Coinbase Ventures, así como de varios inversores estratégicos y de criptomonedas. El equipo de liderazgo de Tribal Credit está compuesto por empresarios experimentados, científicos de datos y ejecutivos bancarios. La compañía ha obtenido reconocimiento notable como miembro del programa Visa FinTech Fast Track, ganadora del premio al Mejor Producto de Tarjeta Bancaria de los Premios Challengers 2021 de la respetada publicación Tearsheet, y ha sido incluida en la prestigiosa lista Fintech 250 de CB Insights. Obtenga más información en https://www.tribal.credit.
About Tribal Credit
Tribal is a global financial platform empowering SMEs in emerging markets to grow and compete in the global economy. Our comprehensive suite of financial products includes corporate cards (both virtual and physical), SWIFT and local payments, short-term financing, powerful payment controls, and insightful analytics. With over $200 million in funding from industry-leading investors like SoftBank, QED Investors, BECO Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal is making strides in bridging the financial inclusion gap. Led by a team of accomplished entrepreneurs, data scientists, and banking executives, and recognized as a top fintech by leading industry bodies, Tribal is at the forefront of fostering SME growth. For more information, visit https://www.tribal.credit.