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HomeFintechStori Turns into Mexico's Newest Fintech Unicorn Following Huge Funding Spherical

Stori Turns into Mexico’s Newest Fintech Unicorn Following Huge Funding Spherical

Shopper expertise finance firm Stori closes its most up-to-date financing spherical for $150million, bringing the corporate’s complete worth to $1.2billion.

Because of this newest spherical, Stori, which provides bank cards as a product to Mexico’s underbanked inhabitants, now joins a choose group of Mexico-based corporations which have achieved unicorn standing.

This newest sequence C-2 spherical comes simply 9 months after elevating one of many largest sequence C rounds in Latin America and features a $50million fairness funding from BAI Capital, GIC and GGV Capital, together with participation from different current and new traders, together with Lightspeed Enterprise Companions, Normal Catalyst, Imaginative and prescient Plus Capital, Goodwater Capital, Tresalia Capital and Davidson Kempner Capital Administration LP.

Along with this, Davidson Kempner granted a line of credit score of $100million for the corporate.

Annabelle Long, founding partner of BAI Capital
Annabelle Lengthy

“Stori’s capability to boost this spherical at a time of financial uncertainty demonstrates investor confidence in Stori and its mission,” mentioned Annabelle Lengthy, founding associate of BAI Capital.

“Stori is distinguished from its rivals by its robust group, disciplined execution, and unmatched capability to serve the unbanked.”

Based in 2018, Stori provides bank cards to underserved populations. With greater than 1.4 million energetic purchasers in Mexico, Stori provides every of them the potential of acquiring a bank card and constructing their credit score historical past with out sophisticated paperwork, with no credit score historical past and with out an annuity. The complete consumer expertise -from the cardboard request to its payment- is carried out by way of its cellular utility.

“The Stori group is a uncommon mixture of trade expertise, dynamism and world-changing perspective. The native demand for a majority of these inclusive monetary merchandise is evident and the outcomes so far are usually not stunning. We stay excited concerning the concept of ​​collaborating with the Stori group in its progress in Latin America,” mentioned Hans Tung, managing associate of GGV Capital.

The assets from this newest spherical of financing might be used to put money into the expansion of the group and broaden the product providing past bank cards. The corporate additionally plans to broaden its geographic attain in Latin America to achieve 100 million underserved customers.

Bin Chen, CEO and co-founder of Stori
Bin Chen

“This new spherical of funding is a vital milestone and brings us one step nearer to our imaginative and prescient of fixing the lives of thousands and thousands of people who find themselves at the moment underserved by conventional monetary establishments,” mentioned Bin Chen, CEO and co-founder of Stori.

“By fixing our prospects’ key ache factors with a easy, digitized expertise, we hope to play an necessary position in democratizing entry to credit score, making life simpler for our prospects, and supporting financial progress all through Latin America.”

Stori joins the ranks of the few Mexican startups to realize unicorn standing, bringing it nearer to its formidable purpose of serving 100 million prospects in Latin America. Marlene Garayzar, CGO and co-founder, turns into the primary Mexican lady to have based a unicorn expertise startup within the nation.

“We’re proud to carry monetary inclusion to greater than 1.4 million purchasers in Mexico. This necessary milestone couldn’t have been potential with out our unimaginable groups in Mexico, america and Asia, in addition to all our purchasers who’ve trusted our model. and product,” mentioned Garayzar.

“We strongly consider that everybody deserves entry to credit score merchandise and different monetary instruments that might be unlocked.”



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