Tribal Credit secures $150M debt facility for expansion into Saudi Arabia

Tribal Credit, a US-based fintech firm, has secured a renewal of its $150 million debt facility from the global specialty lender Partners for Growth (PFG). This move aims to bolster Tribal's growth endeavors in Saudi Arabia and Mexico.

Founded in Silicon Valley in 2016 by Amr Shady, Duane Good, Hariraj Jayakumar, Mark Graves, Mohamed Elkasstawi, and Prasant Sudhakaran, Tribal Credit specializes in providing advanced financial solutions to SMEs in developing regions. The extended debt facility, valid through 2025, underlines Tribal's robust creditworthiness and paves the way for its expansion in various countries.

Armineh Baghoomian, PFG's Managing Director and Co-Head of Global Fintech, lauded Tribal Credit's resilience even in challenging market scenarios. She said, "Tribal Credit has made significant strides in the credit sector, with their investments in processes, tools, and the team yielding positive results. They've introduced financial solutions that resonate with the needs of SMEs in emerging regions. We're delighted to further our collaboration with Tribal and look forward to backing Amr, Duane, and their team in redefining financial services."

This extended debt facility sets Tribal Credit on a path to enhance its footprint in Saudi Arabia, ensuring compliance with local rules. This move is a pivotal part of the company's worldwide growth agenda. Additionally, it will bolster Tribal's continuous growth in Mexico and Latin America, enabling the firm to bring its innovative financial services to a broader SME audience.