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Sunday, 8 December 2019

Egyptian-led fintech startup Tribal Credit raises USD 5.5 mn seed round

STARTUP WATCH- Tribal Credit raises USD 5.5 mn seed round: Tribal Credit, a Silicon Valley-based fintech startup co-founded by Egyptian entrepreneurs Amr Shady and Mohamed Elkasstawi, has raised USD 5.5 mn in a seed funding round led by BECO Capital and Global Ventures, according to an emailed statement (pdf). The startup, which has yet to launch, will use “a proprietary AI-driven approval process and blockchain technology” to provide startups in emerging markets with instant access to credit and help remove financing hurdles. Other investors in Tribal Credit include Endure Capital, 500 Startups, Valve VC, AR Ventures, Off The Grid Ventures, Rising Tide Fund, RiseUp, and Tribe Capital.

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