Stori Becomes Mexico’s Newest Unicorn, Raising $150 Million
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.
“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,” said Bin Chen, Stori CEO and Co-Founder. “By addressing key pain points of our customers with a simple and mobile-first experience, we hope to play a major role in democratizing credit access, making our customers’ lives easier, and supporting economic growth across Latin America.”
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.
“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, the US, and Asia, and to all our customers who embraced our brand and product,” said Garayzar. “We firmly believe that everyone deserves the opportunities credit and other financial tools can unlock.”