Mexican Credit Card Issuer Stori Closes US$200 Million in Oversubscribed Series C15 November 2021
Mexican credit card issuer Stori announced that it has closed US$125 million during an over-subscribed Series C funding round co-led by global venture capital firm GGV Capital and growth-stage investor GIC.
Other investors include General Catalyst, Goodwater Capital, and Mexico-based Tresalia Capital which made its first fintech investment.
Previous Series A- and B-round investors Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital also continued to support the company with follow-on investments.
Alongside this equity raise, Stori has also raised US$75 million in debt financing from impact-focused, debt capital provider Community Investment Management (CIM).
Over the next year, Stori is committed to investing the US$200 million raised in Mexico to triple in size and broaden its suite of products.
Stori also plans to expand its team significantly, doubling down on training and development opportunities, while building a sustainable infrastructure across all teams to foster diverse thinking and an inclusive culture.
The company said more than 2 million Mexicans have applied for a Stori credit card, and that number has grown by more than 10 times in the last twelve months.
“Our success since launch is a direct result of having a team who is passionate about our mission to empower upward financial mobility for the underserved population.
We are incredibly grateful for their hard work and dedication,”
said Marlene Garayzar, Co-founder of Stori.
“Our mission – empowering financial inclusion for millions of hard-working people – is amazingly meaningful and challenging at the same time.
A lot more will come in our journey to become a top consumer financial franchise in Latin America.”
said Bin Chen, CEO and Co-founder of Stori.
This article first appeared on Fintech News Switzerland.