Crypto-focused enterprise payment platform Tribal Credit has raised $60 million in an oversubscribed investment round, putting the company on track to continue its expansion in Latin America. This region has seen significant uptake of blockchain-based cross-border payments. The Series B investment round was led by SoftBank Latin America Fund, a venture fund that has invested in several fintech and software companies throughout the region.

Tribal will use the new capital to build local teams in Brazil, Mexico, Colombia, Peru, and Chile.

Coinbase Ventures also participated in the round alongside venture firms BECO Capital, QED Investors, and Rising Tide. Tribal said it would use the cash injection to fund its operations across the region, including building local teams in Brazil, Mexico, Colombia, Peru, and Chile. Earlier, Tribal secured $40 million in a “hybrid” debt round that was funded by dollars and stablecoins. Stellar Development Foundation (SDF), the non-profit organization supporting the Stellar blockchain, led the effort. Tribal Credit began integrating with Stellar in April 2021.

Tribal also partnered with Latin American crypto exchange Bitso to provide cross-border payment.

The company has also partnered with Latin American crypto exchange Bitso to provide cross-border payment and settlement services for small- and medium-sized enterprises. In December 2021, Tribal announced that business owners in Mexico would be able to pay for goods and services in their native peso currency and have their counterparts in the United States receive payments in dollars. Bitso and Stellar are facilitating the cross-border payment service. 

Latin America has emerged as a major epicenter of cryptocurrency adoption and experimentation, with locals and even governments looking to digital assets to combat inflation and promote economic growth.