Stori will be Mexico’s latest Fintech Unicorn after a massive round of financing
Financing company for consumer technology Stories completes its $ 150 million final round of financing, bringing the company’s total value to $ 1.2 billion.
As a result of this latest round, Stori, which offers credit cards as a product to Mexico’s subbank population, is now joining a select group of Mexico-based companies that have achieved unicorn status.
This latest Series C-2 round comes just nine months after picking up one of the largest Series C rounds in Latin America and includes a $ 50 million equity investment from BAI Capital, GIC and GGV Capitaltogether with participation from other existing and new investors, including Speed of light Venture Partners, General Catalyst, Vision plus capital, Goodwater Capital, Tresalia Capital and Davidson Kempner Capital Management LP.
In addition, Davidson Kempner provided a $ 100 million line of credit for the company.
“Stori’s ability to raise this round in a time of financial uncertainty shows investor confidence in Stori and its mission,” said Annabelle Longfounder of BAI Capital.
“Stori stands out from its competitors by its strong team, disciplined execution and outstanding ability to serve those without a bank.”
Stori was founded in 2018 and offers credit cards to underserved populations. With more than 1.4 million active customers in Mexico, Stori offers each of them the opportunity to obtain a credit card and build up their credit history without complicated paperwork, without credit history and without annuities. The entire user experience – from the card request to the payment – is performed through the mobile application.
“The Stori team is a rare combination of industry experience, dynamism and a world-changing attitude. The local demand for this type of inclusive financial product is clear, and the results so far are not surprising. We are still excited about the idea of collaborating with the Stori team in their growth in Latin America, “said His Heavymanaging partner in GGV Capital.
The resources from this latest round of financing will be used to invest in the team’s growth and expand the product offering beyond credit cards. The company also plans to expand its geographic reach in Latin America to reach 100 million underserved consumers.
“This new round of investment is an important milestone and brings us one step closer to our vision of changing the lives of millions of people who are currently understaffed by traditional financial institutions,” he said. Bin ChenCEO and co-founder of Stori.
“By resolving our customers’ key pain points with a simple, digitalized experience, we hope to play an important role in democratizing credit access, making life easier for our customers and supporting economic growth throughout Latin America.”
Stori joins the ranks of few Mexican startups to achieve unicorn status, bringing it closer to its ambitious goal of serving 100 million customers in Latin America. Marlene GarayzarCGO and co-founder, will be the first Mexican woman to have founded a unicorn technology startup in the country.
“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, USA and Asia, as well as all our customers who have trusted our brand. product, “said Garayzar.
“We strongly believe that everyone deserves access to credit products and other unlockable financial tools.”
