Tribal Credit, a San Francisco-based online B2B payments platform and corporate credit provider, could consider opportunistic buys in Latin America, Latam Regional Manager Sonia Michacha said. 

The venture capital-backed fintech, however, is not actively scouting for targets, she said.

It plans to use the USD 60m in Series B money it raised earlier this month to continue growing in Latin America, the executive said.

The company expanded to Chile, Colombia, and Peru in 4Q21 and last week started operating in Brazil, she said. It plans to venture to Argentina, Panama, the Dominican Republic, and Uruguay between 4Q22 and 1Q23, she added.

Tribal’s customers in Latin America include Mexico City-based eye ware retailer Ben & Frank and restaurant chain Casa de Tono; and Lima, Peru-based edtech company Crehana, she said.

Its main product in Latin America is a 30-day loan for SMEs, she noted.

SoftBank Latin America Fund led Tribal’s oversubscribed Series B round. San Francisco-based Coinbase Ventures also participated in the round, alongside existing backers Dubai-based BECO Capital, Alexandria, Virginia-based QED Investors, and Jersey City, New Jersey-based Rising Tide.

This news service reported in May that Tribal planned to start approaching investors in the summer of 2022 to raise a Series B round. The company could start fundraising earlier, depending on its growth, the report added.

Tribal has so far raised USD 140m.

Asked when it plans to raise a Series C funding round, Michacha said the company has not yet decided and noted it is constantly talking with potential investors as it plans to venture to new markets out of Latin America next year.

Tribal’s gross transaction value (GTV) grew 90x last year compared with 2020 and it hopes a similar growth in 2022, she said.

In Mexico, the company competes with Mexico City-based Clara and Mendel, she said. 

In December, Clara raised USD 70m in a funding round led by New York-based Coatue.