Stori, the Mexican fintech company that offers credit card products to Mexico’s underserved population, has secured $150M at a valuation of $1.2B. With this round, the Mexican company has reached unicorn status.
Stori’s latest funding comes just nine months after raising the largest Series C rounds and includes a $50M equity investment from BAI Capital, GIC, and GGV Capital, along with participation from other existing and new investors, including Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, Tresalia Capital and Davidson Kempner Capital Management LP.
Additionally, Davidson Kempner arranged a $100M debt facility for the Company.
How will the funding be used?
The funds will enable the startup to invest in expanding the team and extend product offerings beyond the credit card. The company intends to expand its geographic reach across Latin America, targeting 100M underserved consumers.
“This new round of investment is a significant milestone and takes us one step closer towards our vision of changing the lives of millions who are currently underserved by traditional financial institutions,” says Bin Chen, CEO and Co-Founder.
He adds, “By addressing key pain points of our customers with a simple and mobile-first experience, we hope to play a major role in democratizing credit access, making our customers’ lives easier, and supporting economic growth across Latin America.”
Service to underserved people
Founded in 2018 by GY Liu, Bin Chen, Marlene Garayzar, Nick Chen, and Sherman He, Stori offers credit card products to underserved populations.
With more than 1.4M customers in Mexico, Stori offers every customer the chance to obtain a credit card and build their credit history with no complicated paperwork, no credit history, and no annual fee.
The entire procedure – from applying for the card to paying bills – is carried out through the Stori mobile app.
“We are proud to bring financial inclusion to more than 1.4 million customers in Mexico. This important milestone could not have been possible without our incredible teams in Mexico, the US, and Asia, and to all our customers who embraced our brand and product,” says Garayzar. “We firmly believe that everyone deserves the opportunities credit and other financial tools can unlock.”
“Stori’s ability to raise this round during a time of economic uncertainty demonstrates the confidence of investors in Stori and its mission,” comments Annabelle Long, Founding Partner, BAI Capital. “Stori stands out from its competitors with its strong team, disciplined execution, and unparalleled capacity to serve the underbanked populations.”
“The Stori team is a rare combination of industry background, hustle and change-the-world attitude. The market demand for inclusive financial products tuned for local markets is clear, and the results are not surprising. We continue to be excited about partnering with the Stori team as they grow across Latin America” comments. Hans Tung, Managing Partner, GGV Capital.
Source: TFN
