Stori, a credit card-led fintech startup, has raised USD 125 million in a Series C equity funding round co-led by global VC GGV Capital and growth-stage investor GIC on 11 November 2021. In addition to equity, the company has also raised USD 75 million in debt financing from impact-focused debt capital provider Community Investment Management.
Investor: Global VC GGV Capital and growth-stage investor GIC co-led the latest funding round with participation from General Catalyst, Goodwater Capital and Mexico’s Tresalia Capital. In addition, several existing investors, including Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital, also contributed to the round. Community Investment Management provided the USD 75 million credit facility.
The Objectives behind the funding: The company plans to deploy the current proceeds to triple in size and broaden its suite of products in order to address customers’ needs and fulfil its mission of democratizing financial access for millions of underserved consumers in the region.
Founded in 2019 by Bin Chen and Marlene Garayzar, Stori is building the top consumer fintech in Mexico and is a leading digital financial service provider in Latin America. The company is currently focused on expanding access to credit cards for mass-middle and emerging-middle income populations. The startup has already become a top issuer of new credit cards in Mexico. Over 2 million Mexicans have applied for a Stori credit card, and that number has grown by over ten times in the last twelve months. Stori plans to expand its team significantly, doubling down on training and development opportunities while building a sustainable infrastructure across all teams that foster diverse thinking and an inclusive culture.
What the Founders have to say:
“Our mission – empowering financial inclusion for millions of hard-working people – is amazingly meaningful and challenging at the same time. We are progressing at an unprecedented pace by combining technology, machine learning, data-driven underwriting and an intuitive mobile-based user experience. A lot more will come in our journey to become a top consumer financial franchise in Latin America,” said Stori CEO and co-founder Bin Chen.
“Our success since launch is a direct result of having a team who is passionate about our mission to empower upward financial mobility for the underserved population. We are incredibly grateful for their hard work and dedication,” said Stori co-founder Marlene Garayzar.
What the Investor has to say:
“The Stori team is a perfect example of an experienced team bringing a global mindset to solve a huge local challenge. Using the power of technology to change the lives of hundreds of millions of mass-market and middle-income consumers, Stori has created a differentiated product that is well-tuned to serve Mexico’s largest consumer market. We’re thrilled to partner with the entire Stori team as they continue to grow to serve more consumers across the Spanish-speaking world,” Hans Tung, Managing Partner, GGV Capital and board member.
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