Fintech Stori joins Mexico’s Unicorn Club after $ 150 Million Raise
Stori, a consumer fintech company founded in Mexico in 2018, has reached a value of $ 1.2 billion after raising $ 150 million in its latest Series C-2 financing round.
With the increase, Stori joins car dealers Kavak, cryptocurrency trading platform Bitso, payment terminal Clip, digital banking Konfio, e-commerce platform Merama and spend management platform Clara, in Mexico’s unicorn club.
Stori announced its unicorn status on Friday in a press release set by Financial magnates.
The startup’s new $ 150 million raise comes less than a year after it raised $ 200 million from a Series C funding round.
This increase from last year is considered one of the largest series C share financing rounds in the history of Latin America.
According to Stori’s press release, BAI Capital contributed a total of $ 50 million in equity to the new increase.
On the other hand, the alternative investment company David Kempner Capital Management arranged a debt facility of 100 million dollars for the start-up, Stori said.
Stori also listed existing and new investors who participated in the new C-2 Series round to include Lightspeed Venture Partners, Vision Plus Capital, General Catalyst, Goodwater Capital and Tresalia Capital.
Stori said that the new increase will be used to drive the start-up’s growth and expansion beyond the credit card offer.
“The company also plans to expand its geographic reach across Latin America [by] aimed at 100 million underserved consumers, “Stori said in the statement.
In addition, the Mexican fintech company said it has built a base of over 1.4 million customers.
The Fintech company prides itself on offering all customers the opportunity to obtain a credit card and expand their credit history without intricate paperwork, credit history or annual fees.
“The entire user experience – from applying for the card to paying bills – is performed through the Stori mobile app,” said the start-up.
Female record breaker
According to Stori, Marlene Garayzar, co-founder and Chief Governance Officer, is now Mexico’s first woman to establish a unicorn tech startup in the North American country.
Commenting on the status of unicorns, Garayzar said the company believes that everyone should have access to the opportunities that credit and other financial tools provide.
“This important milestone could not have been possible without our incredible teams in Mexico, USA and Asia, and to all our customers who embraced our brand and product,” said Garayzar.
Bin Chen, Stori’s CEO and co-founder, explained that the startup hopes to gain access to credit for all Mexicans.
In addition, Stori wants to make “customers’ lives easier” and also support “economic growth in Latin America”.
Stori, a consumer fintech company founded in Mexico in 2018, has reached a value of $ 1.2 billion after raising $ 150 million in its latest Series C-2 financing round.
With the increase, Stori joins car dealers Kavak, cryptocurrency trading platform Bitso, payment terminal Clip, digital banking Konfio, e-commerce platform Merama and spend management platform Clara, in Mexico’s unicorn club.
Stori announced its unicorn status on Friday in a press release set by Financial magnates.
The startup’s new $ 150 million raise comes less than a year after it raised $ 200 million from a Series C funding round.
This increase from last year is considered one of the largest series C share financing rounds in the history of Latin America.
According to Stori’s press release, BAI Capital contributed a total of $ 50 million in equity to the new increase.
On the other hand, the alternative investment company David Kempner Capital Management arranged a debt facility of 100 million dollars for the start-up, Stori said.
Stori also listed existing and new investors who participated in the new C-2 Series round to include Lightspeed Venture Partners, Vision Plus Capital, General Catalyst, Goodwater Capital and Tresalia Capital.
Stori said that the new increase will be used to drive the start-up’s growth and expansion beyond the credit card offer.
“The company also plans to expand its geographic reach across Latin America [by] aimed at 100 million underserved consumers, “Stori said in the statement.
In addition, the Mexican fintech company said it has built a base of over 1.4 million customers.
The Fintech company prides itself on offering all customers the opportunity to obtain a credit card and expand their credit history without intricate paperwork, credit history or annual fees.
“The entire user experience – from applying for the card to paying bills – is performed through the Stori mobile app,” said the start-up.
Female record breaker
According to Stori, Marlene Garayzar, co-founder and Chief Governance Officer, is now Mexico’s first woman to establish a unicorn tech startup in the North American country.
Commenting on the status of unicorns, Garayzar said the company believes that everyone should have access to the opportunities that credit and other financial tools provide.
“This important milestone could not have been possible without our incredible teams in Mexico, USA and Asia, and to all our customers who embraced our brand and product,” said Garayzar.
Bin Chen, Stori’s CEO and co-founder, explained that the startup hopes to gain access to credit for all Mexicans.
In addition, Stori wants to make “customers’ lives easier” and also support “economic growth in Latin America”.
