Stori Becomes Mexico’s Newest Unicorn20 July 2022
Stori, a rapidly growing fintech company offering credit card products to Mexico’s underserved population, today announced its latest round of financing of $150 million, which values the company at $1.2 billion. As a result of this latest round of financing, Stori now joins a select group of Mexico-based companies to achieve “unicorn” status.
Stori’s latest Series C-2 financing comes just nine months after raising one of Latin America’s largest Series C rounds and includes a $50 million 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 $100 million debt facility for the Company.
“Stori’s ability to raise this round during a time of economic uncertainty demonstrates the confidence of investors in Stori and its mission,”
commented 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.”
Founded in 2018, Stori offers credit card products to underserved populations. With more than 1.4 million 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 user experience – from applying for the card to paying bills – is carried out through the Stori mobile app.
“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”
commented Hans Tung, Managing Partner, GGV Capital.
Proceeds from this latest round of financing will be used to invest in the growth of the team and extend product offerings beyond the credit card. The company also plans on expanding its geographic reach across Latin America targeting 100 million underserved consumers.
Stori joins the ranks of the very few Mexican startups who reached unicorn status, bringing it one step closer to its ambitious goal of serving 100 million underserved customers in Latin America. Marlene Garayzar, Chief Governance Officer and Co-Founder, becomes the first Mexican woman to have founded a unicorn technology startup in the country.
Featured image credit: Stori co-founders left to right: GY Liu, Bin Chen, Marlene Garayzar, Nick Chen, Sherman He (PRNewsfoto/Stori)
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