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Tribal offers a digital expense management tool for SMEs in the MENA region

By on July 18, 2022 0

Tribal, a global fintech company, showcased its spend management platform enabling small, medium and micro businesses in the MENA region to better control their spending.

Tribal is a payment and finance platform that uses the latest emerging technologies to provide small and medium-sized enterprises (SMEs) in emerging markets with greater access to financial services.

Tribal offers access to modern payment methods such as physical and virtual multi-currency business credit cards, local and international transfers, short-term financing and a powerful expense management platform to track and control their expenses, the all in one interface.

According to a study by the International Monetary Fund, SMEs, including startups, account for more than 90% of all businesses in the MENA region. Many of these organizations are looking to embrace new technologies and digitalize to effectively adapt to the realities of the post-pandemic world and current macroeconomic challenges.

Digitizing and automating financial operations can help SMEs avoid financial risks, manage resources efficiently and make decisions in real time.

By leveraging digital tools, finance teams can control and monitor resource usage in real time, inform decision-making, and enable them to adapt to changing business conditions in real time.

According to Tribal, organizations using its digital platform prepared more internal and real-time financial reports in May 2022. The development of these reports is one of the three main activities carried out by Tribal customers, along with bank transfers and credit card management.

Amira Fadel, Regional Director for Tribal MENA, said, “A key driver in SME growth is controlling and tracking expenses. By automating these processes and analyzing data, digital platforms specializing in these areas can greatly improve businesses as they provide finance teams with a clear picture of spend, allowing them to focus on creating value and creating growth.

70% of SMEs have accelerated the use of digital technologies since the pandemic – According to a December 2021 study by the Organization for Economic Co-operation and Development (OECD).

Effectively tracking and controlling spend is an integral part of a digital transformation strategy because it allows businesses to reduce risk and avoid complications that often accompany traditional spend control, such as manual errors, false invoices and misuse of funds.

However, it can be difficult for many startups to access sophisticated digital solutions through traditional banking services, as they do not meet the required requirements or find solutions suitable for their needs. Fintech companies have emerged as an alternative to meet the unique digital and financial needs of startups and SMEs.

Fadel added, “Tribal’s expense control platform helps maximize the efficient use of resources by assigning credit limits to each employee or team within a company. Additionally, through its value offering, the company provides the option for businesses to have an unlimited number of corporate credit cards.

By bringing these digital expense control solutions to startups and SMEs, Tribal supports the region’s economic growth by helping businesses innovate, integrate and accelerate the future. Tribal’s vision is to streamline all financial management processes on a unified platform to create the most efficient and comprehensive solution for its customers.

Tribal has raised funds from SoftBank Latin America Fund, QED Investors, BECO Capital, Stellar Development Foundation, Coinbase Ventures, and other crypto and strategic investors. The company is also part of an elite group chosen under the Visa FinTech Fast Track program.