Silicon Valley-based Tribal Credit has engaged Bahrain’s Shariyah Review Bureau (SRB) to evaluate, certify and monitor the Shariah compliance of its new virtual corporate cards and working capital products for Muslim markets.
This partnership follows the B2B payments and financing platform’s US$60 million Series B funding led by SoftBank Latin America Fund earlier in February, which brought Tribal Credit’s total funding amount to US$143.4 million, according to Crunchbase. The firm counts Coinbase Ventures, BECO Capital, QED Investors and Rising Tide as investors. Circle Ventures, AGE Fund, Third Prime, Canas Capital and Acuity Ventures also joined in as investors as secondary shares were tapped into to include high-value crypto investors earlier this year.
Founded in 2016 as a payment and financing solutions provider to start-ups and the emerging markets, Tribal Credit at the end of 2019 rolled out its beta spend management platform allowing SMEs to access physical and virtual corporate cards. The next year, at the onset of the COVID-19 pandemic, it established Tribal Pay, enabling customers to conduct international and local wires to over 180 countries and to finance these payments for up to 120 days.
Introducing Shariah compliant solutions is seen as a strategic move as Tribal Credit is looking to expand in MENA, an Islamic finance stronghold. According to the company’s website, it is looking to launch a new office in Dubai as well as Mexico City. Tribal Credit currently operates through three offices: San Francisco, San Jose and Cairo.
“As a result of the partnership with SRB, we will also maintain a dedicated Shariah supervisory resource to ensure that our products remain Shariah compliant,” Amr Shady, CEO and co-founder of Tribal Credit, shared. “Through our deep knowledge of the corporate cards and financing market in the start-up and SME ecosystem, we expect to unlock new potential for businesses and investors with this new partnership.”