https://arab.news/yhzsb
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 Credit 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 contributing to the achievement of the goals of Saudi Vision 2030, led by Crown Prince Mohammed bin Salman. It 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.
“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 three 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.”
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.