The company, which has become a unicorn following the latest funding round, plans to expand its presence across Latin America
Stori co-founders left to right: GY Liu, Bin Chen, Marlene Garayzar, Nick Chen, Sherman He. (Credit: PRNewsfoto/Stori)
Mexican fintech company Stori, which is focused on expanding access to credit cards for underserved populations in Mexico, has raised $150m in a Series C-2 financing round at a valuation of $1.2bn.
The funding round includes an equity investment of $50m from BAI Capital, GGV Capital, and GIC.
It also saw the participation from other existing and new investors such as Lightspeed Venture Partners, Vision Plus Capital, General Catalyst, Tresalia Capital, Goodwater Capital, and Davidson Kempner Capital Management.
Additionally, Stori secured a debt facility of $100m from Davidson Kempner.
BAI Capital founding partner Annabelle Long said: “Stori’s ability to raise this round during a time of economic uncertainty demonstrates the confidence of investors in Stori and its mission.
“Stori stands out from its competitors with its strong team, disciplined execution, and unparalleled capacity to serve the underbanked populations.”
Established in 2018, the Mexican fintech company claims to have over 1.4 million customers in Mexico for its credit card products. It allows every customer to get a credit card and build his or her credit history without any complicated paperwork, credit history, and annual fee.
The entire user experience, starting from applying for the card to paying bills, is done via the Stori mobile app.
The company will use the proceeds from the Series C-2 round to invest in expanding its team and extend product offerings beyond credit cards. It also intends to grow its presence across Latin America with an aim to reach 100 million underserved consumers.
Stori CEO and co-founder Bin Chen said: “This new round of investment is a significant milestone and takes us one step closer towards our vision of changing the lives of millions who are currently underserved by traditional financial institutions.
“By addressing key pain points of our customers with a simple and mobile-first experience, we hope to play a major role in democratising credit access, making our customers’ lives easier, and supporting economic growth across Latin America.”
In November 2021, the company raised $125m in a Series C round that was co-led by GGV Capital and GIC.