Mexico’s Klar acquires assets of B2B payments and financing platform Tribal
Mexican fintech firm Klar has acquired the assets of B2B payments and financing platform Tribal for an undisclosed sum to bolster its services for small and medium-sized businesses (SMBs) in the country.
Klar buys Tribal’s assets for undisclosed sum
Included in the deal are Tribal’s payment and financing solutions, business intelligence tools and risk models.
“With this acquisition, we combine Klar’s infrastructure and Tribal’s B2B DNA, to offer complete solutions to companies and employees,” Klar says in an announcement posted on LinkedIn.
According to an Axios report, the deal will also see Tribal founder and CEO Amr Shady move to Klar alongside a number of other staff members.
Headquartered in San Francisco, US, Tribal secured $60 million in a Series B funding round in 2022 led by the SoftBank Latin America Fund. The company went on to acquire Mexican bill payment platform Paykii later that same year.
With the deal, Klar writes on LinkedIn that it now plans to roll out “direct payroll payments to employees”, and will integrate business data to create “personalised offers aligned with the real needs of the market”.
Klar has specialised in consumer credit services since launching in 2019, with its current product suite including credit cards, deposit accounts, and investment and payment services.
The company’s market launch was predominantly powered by a $57.5 million investment from Mouro Capital, which was then known as Santander Innoventures.
Prosus Ventures followed by supporting Klar’s $15 million Series A in 2020, while Victory Park Capital delivered a $100 million debt facility last year.
In November, Klar CEO Stefan Moeller told Bloomberg that the company is looking to achieve an annual run rate of $500 million ahead of a potential IPO planned for the end of 2026.
The company has been contacted by FinTech Futures for comment.
