Credit card start-up Tribal Credit secures $5.5m in seed funding
Tribal Credit, a San Francisco-based firm creating credit cards for emerging market start-ups, has raised $5.5 million in a seed funding round led by BECO Capital.
The firm has raised a total of $8.2 million to date over four seed rounds, with the last coming in July 2019 at a value of $1.2 million.
Tribal Credit is still in a beta phase and has yet to officially launch, though it allows prospective users to sign up to a waiting list on its website.
CEO and co-founder Amr Shady told Entrepreneur that Tribal Credit will provide a service that gives start-ups “more control and transparency over their spend”.
Customers of the new firm can issue an “unlimited” number of virtual corporate cards to employees, set spending limits, and suspend cards “instantly”.
The start-up also claims to be using AI-driven analytics to allow client to data mine the spending patterns of card users.
Tribal Credit will also offer its users membership to a loyalty system, which promises “relevant discounts, perks, networking opportunities, resources, and the support you need to grow and succeed.”