Mexican fintech Stori becomes unicorn after a round of USD 150 million
Mexican fintech Stori has raised an additional $ 150 million in Series C financing, taking the value to $ 1.2 billion and making it a unicorn for the first time.
Fintech, which focuses on increasing financial inclusion in Mexico’s financial system, has raised $ 100 million in debt financing and $ 50 million in equity financing from BAI Capital, GIC and GGV Capital together with other investors. This is followed by a series C round of USD 125 million in November last year, which at the time was one of Latin America’s largest series C rounds. The company, which was founded in 2018, has to date raised approximately $ 400 million.
Stori benefits from the growing use of smartphones to cope with the lack of financial inclusion in Mexico, with more than 60% of Mexicans now owning a smartphone. The company gives consumers access to credit card products together with the opportunity to build up the credit history, where all parts of the journey are carried out through the mobile app.
Stori will use the latest investment to expand its team and expand its product offering beyond the Stori credit card, with ambitions to serve 100 million consumers across Latin America.
“Unlocking opportunities” through better financial access
Stori CEO and co-founder Bin Chen says: “This new round of investment is a significant milestone and takes us one step closer to our vision of changing the lives of millions who are currently understaffed by traditional financial institutions. By addressing key pain points for our clients with a simple and mobile first-hand experience, we hope to play an important role in democratizing credit access, making our customers’ lives easier and supporting economic growth in Latin America. “
Marlene Garayzar, Chief Governance Officer and co-founder of Stori, continues: “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, and to all our customers who embraced our brand and product. We are confident that everyone deserves the opportunities that credit and other financial tools can open up. “
Stori joins the famous company as the latest unicorn in Mexico’s new fintech ecosystem. Others include digital banking fintech Konfio, digital payment company Clip and crypto platform Bitso. To help secure Stori’s path to unicorn status, Garayzar will also be the first Mexican woman to found a technical unicorn in her home country.
Last raise a vote of confidence in Stori and its founders
“Stori’s ability to raise this round in a time of financial uncertainty shows investors’ confidence in Stori and its mission,” said Annabelle Long, founder of BAI Capital. “Stori stands out from its competitors with its strong team, disciplined implementation and outstanding capacity to serve the underprivileged population.”
And Hans Tung, Managing Partner at GGV Capital, adds: “The Stori team is a rare combination of industry background, hustle and change-world attitude. The market demand for inclusive financial products adapted to local markets is clear and the results are not surprising. We continue to be happy to work with the Stori team as they grow across Latin America. ”
