The Mexican fintech Stori announced it reached a $1.2B valuation after receiving $150M in debt and equity financing. The funding was led by BAI Capital, GIC, and GGV Capital. Other participants were Lightspeed Venture Partners, General Catalyst, Goodwater Capital, Vision Plus Capital and Tresalia Capital.
Stori offers credit cards to underserved populations that have little to no credit history. According to Bin Chen, Stori’s CEO, the startup’s main target is Latin America’s rising middle-class population:
“Our technology and underwriting allow us to give an offer for a credit card to anyone who applies, regardless of credit history, all through a paperless, mobile-first experience.”
Marlene Garayzar, Stori’s Chief Governance Officer and co-founder also pointed out how the startup wants to increase financial inclusion in Mexico:
“What we want is that, through access to this product, they can have a first or second chance and that they can heal their credit history.”
In 2021 the fintech closed a $200M Series C round. In that same year, Stori grew its revenue by 20x. The startup currently has more than 1.4 million customers in Mexico, but its goal is to reach 100 million underserved customers throughout Latin America.
With this funding, Stori wants to broaden its portfolio of financial products and expand to other countries in Latin America. The startup will also continue to invest in growing its team. One year ago, Stori was comprised of a 70-person team. Today, the company has over 200 professional employees and 400 support and service personnel.
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