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Egyptian-founded FinTech Startup Tribal Credit Secures $5.5m in Seed Funding

23 December 2019

(FinTech Egypt – MENABytes)

Founded by Egyptian entrepreneurs Amr Shady and Mohamed Elkasstawi in 2016, San Francisco-based startup Tribal Credit has recently announced raising $5.5 million in a seed round led by Dubai-based BECO Capital and Global Ventures.

Being in their pre-launch phase, Tribal Credit is creating a business credit card dedicated to easing instant access to credit and spend control for startups based in emerging markets. They aim to accomplish this through enabling an AI-driven approval process in addition to integrating blockchain technology.

Their main objective was to fill the gap for startups/SMEs that face complications and time-consuming challenges in opening business bank accounts, obtaining credit cards, and making cross-border payments. Amr Shady, CEO and Endeavor entrepreneur who previously founded TA Telecom stated to MENABytes “Tribal Credit will bring startups closer to the payment channels and capital they need to grow and scale, giving them access to banking services previously only available to large corporates.”

Apparently this is a prevailing problem in the Middle East. Even in the United Arab Emirates where the startup scene is growing almost exponentially and facilitations are at their prime, entrepreneurs still find themselves lost in paperwork and rigid deadlines that encumber their progress in periods that can reach up to six months. Therefore, Tribal Credit has made it their mission to fill these gaps in the MENA region as a target market.

So far, Tribal Credit has not announced when and where they intend to launch their solutions. However the promise of an easy & convenient FinTech service for SMEs to establish their presence is one that the region is looking forward to so they can focus on the real challenge; their growth.

Tags

Tribal Credit, startup, San Francisco, SMEs, Amr Shady, Mohamed Elkasstawi, seed funding, UAE, United Arab Emirates, MENA, BECO Capital, Global Ventures