- Klar acquires Tribal’s assets to bolster SMB services in Mexico.
- The acquisition aims to integrate Tribal’s payroll solutions and business intelligence tools.
What happened: Klar’s strategic expansion into B2B payments
Mexican digital bank Klar has announced the acquisition of key assets from Tribal, a B2B payments and financing platform. This strategic move allows Klar to expand its services beyond consumer banking and tap into Mexico’s underserved small and medium-sized business (SMB) market. With over 3,000 SMB clients and a history of processing $1 billion in transactions, Tribal’s assets will be integrated into Klar’s offerings, enhancing Klar’s position in the financial technology sector and potentially accelerating its path to an IPO by 2025.
Also read: Mastercard and Fundbot partner for streamlined B2B payments
Also read: Transforming B2B invoicing and payment processes with monto
Why it is important
This acquisition is significant as it not only strengthens Klar’s product portfolio but also addresses a significant gap in the Mexican market for SMB-focused financial services. By integrating Tribal’s payroll solutions and leveraging business data for personalized consumer services, Klar can offer a more comprehensive suite of financial products to a broader customer base. This move aligns with Klar’s goal of providing a financial operating system for small businesses, enhancing its ability to serve the needs of the SMB segment in Mexico. The acquisition also highlights the growing trend of fintech companies expanding into B2B services to capitalize on the opportunities presented by the underbanked SMB market, which is a key driver of economic growth and job creation.
