Stori, a fintech startup based in Mexico that provides credit card products to the country’s underprivileged population, has raised $150M at a $1.2B value. The startup has achieved unicorn status with this financing. Davidson Kempner also set up a $100 million debt facility for the company.
With the funds, Stori will be able to invest in growing its personnel and diversifying its product offerings beyond credit cards. Targeting 100M underserved consumers in Latin America, the company wants to increase its geographic reach.
According to Bin Chen, CEO, and Co-Founder of Stori, “This fresh round of funding is a significant milestone and gets us one step closer towards our mission of altering the lives of millions of people who are now underserved by traditional financial institutions.”
He continues, “We intend to play a vital role in democratizing credit access, making our customers’ lives easier, and boosting economic growth throughout Latin America by addressing key pain points of our consumers with a simple and mobile-first experience.
Stori, a company with over 1.4 million customers in Mexico, allows every consumer to get a credit card and establish a credit history without having to complete arduous paperwork or pay an annual fee. The Stori mobile app is used throughout the entire process, from applying for the card to paying bills.
“We are honored to provide more than 1.4 million customers in Mexico with financial inclusion. Without our outstanding employees in Mexico, the US, and Asia, as well as to all of our consumers who enthusiastically adopted our brand and goods, this significant milestone would not have been achieved, says Garayzar. Everybody deserves the opportunity that credit and other financial resources can open up, in our opinion.
According to Annabelle Long, Founding Partner at BAI Capital, “Stori’s ability to raise this round during a period of economic instability demonstrates the faith of investors in Stori and its goal.” With a strong staff, deliberate execution, and unmatched potential to assist underbanked communities, Stori differentiates out from its rivals.
The Stori team possesses a unique blend of business experience, hustle, and a desire to make a difference in the world. The results are not unexpected because there is a definite market demand for inclusive financial products tailored for local markets. We are still thrilled to work with the Stori team as they expand throughout Latin America. GGV Capital’s managing partner, Hans Tung.