- Amr Shady: We plan to IPO in the Kingdom in the next 3 years, as a thriving market
- Duane Good: The Kingdom is pivotal to Tribal Credit's global success and growth strategy and its Vision 2030 is perfectly aligned with our mission to empower SMEs
SAN FRANCISCO, CA – Tribal Credit, a Silicon Valley fintech company dedicated to empowering emerging markets’ SMEs, announced its strategic expansion in Saudi Arabia, aligning with Saudi Vision 2030 to promote financial access, SME competitiveness, and GDP growth and diversification.
The company sees Saudi Arabia as central to its global success and it would be using this milestone to accelerate growth globally. Additionally, Tribal aims to enhance mutual benefit from the current developments and advancements in the Kingdom to create more jobs and investment opportunities. Working with several industry-leading investors like SoftBank, QED Investors, BECO Capital, Endure Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal Credit provides innovative financial solutions to companies at various stages of their development.
Tribal Credit has affirmed its commitment to contribute to the achievement of the goals of Saudi Vision 2030, led by His Royal Highness Prince Mohammed bin Salman, Crown Prince, and Chairman of the Council of Ministers. The company seeks to contribute to the enhancement of the Kingdom's position as a leading destination in fintech by providing comprehensive financial solutions for companies in accordance with applicable laws and regulations. This is aimed at bridging the financing gap for small and medium-sized enterprises. Tribal Credit designs specialized financing solutions for these companies, enabling them to achieve market excellence in both the domestic and global markets, thereby creating more job opportunities in the Kingdom.
Saudi Arabia, A Central Player in Tribal Credit’s Global Strategy
"We're not just expanding to Saudi; it's at the heart of our global success," said Amr Shady, CEO of Tribal Credit. "We are harnessing the momentum of Saudi Vision 2030, the thriving IPO market and our internal readiness to strengthen our presence in the Kingdom and use it as a springboard for global expansion. We plan to IPO in the Kingdom in the next 3 years to accelerate our growth globally.
Duane Good, COO of Tribal Credit, said "Saudi Arabia is pivotal to Tribal Credit's global success and growth strategy. Saudi Arabia is a market with immense potential. It has a robust economy, and its Vision 2030 is perfectly aligned with our mission to empower SMEs."
Synergizing with Saudi Vision 2030
Tribal Credit's expansion into Saudi Arabia will bolster this vision by addressing the financial needs of SMEs, a sector crucial for economic growth and diversification. Tribal Credit offers financial solutions which are specially designed to fulfill the needs of such companies and enable them to excel locally and globally. Through supporting SMEs to receive the required financing, Tribal Credit will contribute to the increase of working opportunities in the Kingdom.
Financial Access Enabler
Emerging market SMEs face a staggering $1.5 trillion financing gap and a $300 billion cross-border payments market, limiting their access to quality financial services. Tribal Credit aims to bridge this financing gap by providing tailored financial solutions in accordance with applicable laws and regulations, thereby expanding access to funding for SMEs and aligning with Vision 2030's financial initiatives.
Tribal Credit will equip Saudi SMEs with advanced tools and insights, enabling them to excel in both local and international markets. This move reflects the objectives of Vision 2030 by fostering competitiveness and innovation in the SME sector.
By focusing on key industries, Tribal Credit will bolster economic diversification, reducing reliance on oil and resonating with Vision 2030's diversification goals. This contribution will lead to a more resilient and sustainable economy in the Kingdom.
Harnessing International Experience
Tribal Credit brings its global track record, winning formula, and technology to Saudi Arabia as a springboard for innovation and expansion. This international experience will catalyze innovation and propel SME growth in the Kingdom and across the globe.
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, Endure 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
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Tarik Raouf, Mojo PR