In today’s top payments news around the world, Checkout.com is leading a $110 million funding round for Tamara, while Tribal Credit landed $34.3 million in a Series A funding round. Plus, nearly three-quarters of a million companies in the United Kingdom are facing financial hardship.
eCommerce firm Checkout.com is leading a $110 million funding round for Saudi payments company Tamara, which said it is “the leading buy now, pay later (BNPL) provider” in the Middle East. The infusion reportedly encompasses debt and equity, and it would be used to grow Tamara’s operations. Tamara, which is based in Riyadh, has been growing quickly, with its user base and transaction volumes reportedly rising greatly month after month. The company notched $6 million in seed funding at the beginning of 2021.
Tribal Credit, a California FinTech startup, wrapped up a $34.3 million Series A funding round headed up by Partners for Growth (PFG) and QED Investors, with participation by existing investors Endure Capital, OTG Ventures, Global Ventures and BECO Capital and new investor Endeavor Catalyst. “This round allows us to accelerate our growth in Mexico and help the new generation of [small- to medium-sized businesses (SMBs)] fueling the Mexican economy break free from local financial barriers,” Tribal Credit CEO Amr Shady wrote in a blog post.
Over 720,000 firms in the U.K. are encountering challenging times per data from insolvency firm Begbies Traynor, as noted in a published report. That figure is 15 percent more than at the conclusion of 2020 and 42 percent more than 2020 at this time. Moreover, it is the steepest quarterly rise since Begbies Traynor started releasing the information in 2014. The news comes as the U.K. keeps reopening. And, even with government relief measures, companies coming out of the lockdown are burdened with debt that could lead to collapse once financial support ends.
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