Tribal Credit Offers Expense Management for MSMEs

Date:

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Global FinTech firm Tribal Credit has debuted its expense management platform, giving micro-, small- and medium-sized enterprises (MSMEs) in the Middle East and North Africa (MENA) greater control over their spending, according to a Monday (July 18) press release.

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The release cited a study by the International Monetary Fund which indicates that MSMEs account for more than 90% of MENA businesses, with many of them looking to adopt new technologies and digitize to adapt to the post-pandemic world and ongoing macroeconomic challenges

Organizations that use Tribal’s digital platform prepared more internal and real-time financial reports in May 2022, per the release, with the reports being one of the top three activities carried out by Tribal clients, along with bank transfers and credit card management.

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“An instrumental factor in the growth of SMMEs is the control and monitoring expenses,” said Amira Fadel, regional manager for Tribal MENA. “By automating these processes and analyzing data, digital platforms specialised in these areas can greatly improve companies because they provide finance teams with a clear picture of expenditures, allowing them to focus on providing value and creating growth.”

Additionally, Tribal cited a December 2021 study by the Organization for Economic Co-operation and Development (OECD) which shows that 70% of MSMEs have accelerated the use of digital technologies since the start of the COVID-19 pandemic.

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“Tribal’s expense control platform makes it possible to maximize efficient use of resources by assigning credit limits for each employee or team in a company,” said Fadel. “Also, through its value offer, the company offers the possibility for companies to have an unlimited number of corporate credit cards.”

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In January, Tribal Credit raised $40 million in a debt round, which included $20 million USDC from the Stellar Development Foundation.

Related: B2B Financing Platform Tribal Raises $40M

The remainder of the funding came from an additional $20 million from venture debt funding firm Partners for Growth. This funding follows a $34.3 million Series A round — which also included participation from Partners for Growth — that Tribal wrapped in April 2021.

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