SoftBank leads $60M Series B funding for payments platform Tribal

SoftBank (OTCPK:SFTBY) (OTCPK:SFTBF) Latin America Fund invested in business-to-business payments platform Tribal through a $60M Series B funding round, according to a release. Tribal provides small and medium-sized businesses in emerging markets with better access to financial services. In an effort to expand its footprint in Latin America, Tribal will use the funding proceeds to continue building its local teams in Brazil, Mexico, Colombia, Peru and Chile. Note that Coinbase Ventures (NASDAQ:COIN), and existing investors BECO Capital, QED Investors and Rising Tide, participated in the round as well. “Tribal is using crypto to fundamentally change the rules of the game for payments and lending. Very few companies can bridge TradFi and DeFi in such an innovative, yet seamless way,” said SoftBank Latin America Fund managing Partner Shu Nyatta. Earlier in January, SoftBank invested in artificial intelligence start-up Qraft Technologies.