July 15, 2022, MEXICO CITY — Stori, a rapidly expanding fintech business that provides credit card products to underprivileged Mexicans, announced the closing of a USD 150 million fundraising round, valuing the business at USD 1.2 billion. Stori has now joined a small club of Mexican-based companies that have attained “unicorn” status due to this most recent round of funding.
A USD 50 million equity investment from BAI Capital, GIC, and GGV Capital, is part of Stori’s most recent Series C-2 financing, completed just nine months after the company raised one of the largest Series C rounds in Latin America.
Other existing and new investors, such as Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, Tresalia Capital, and Davidson Kempner Capital Management LP, are also participating. Additionally, the company received a USD 100 million loan facility from Davidson Kempner.
What the investors have to say:
Annabelle Long, Founding Partner, BAI Capital:
“Investors’ faith in Stori and its objective is shown by the company’s ability to raise this round of funding despite the current state of the economy. With a solid staff, deliberate execution, and unmatched ability to assist underbanked people, Stori stands apart from its rivals.”
Hans Tung, Managing Partner, GGV Capital:
“The Stori team possesses a unique blend of business experience, hustle, and a desire to alter the course of 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.”
What the founder has to say:
Bin Chen, Stori CEO and Co-Founder:
“This new round of funding marks a huge accomplishment and moves us closer to our goal of improving the lives of millions of people who are now unmet by conventional financial institutions. We intend to play a significant role in democratizing credit access, improving the lives of our customers, and promoting economic growth throughout Latin America by addressing the main areas of pain for our consumers with a straightforward and mobile-first experience.”
More about the company:
Stori, established in 2018, provides credit card solutions to disadvantaged demographics. Stori, which has more than 1.4 million clients in Mexico, allows every consumer to get a credit card and establish a credit history without having to fill out a ton of paperwork, have a credit history, or pay an annual fee. The Stori mobile app facilitates the user experience, from card application to bill payment.
Stori moves one step closer to its ambitious aim of servicing 100 million underserved clients in Latin America by joining the ranks of the few Mexican firms that have attained unicorn status. As the chief governance officer and co-founder of a unicorn technology firm in Mexico, Marlene Garayzar makes history.
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