Stori Becomes Mexico's Newest Unicorn, Raising $150 Million
MEXICO CITY, July 15, 2022 - Stori, a rapidly growing 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."
From, Stori...
A billion thanks!
About Stori
Stori is building the top consumer services company in Latin America. With a mission to expand access to credit cards for underserved populations, Stori leverages a mobile-first model and global best practices in product design and underwriting to serve its customers' needs. With Stori, customers have access to not just a universally accepted digital payment card, but also fair credit.
For more information on Stori's investors, visit here.
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marketing@storicard.com¡Stori, one of the best technological financiers in Mexico, obtains 200 million dollars of investment!
Mexico City, November 11, 2021 - The financial company Stori, a credit card issuer, announced today that it has closed one of the largest series C investment rounds in Latin America to date, accompanied by a capital increase for debt to be used to finance the rapid growth of Stori's credit card portfolio. The $125 million Series C round was co-led by global investment fund GGV Capital and growth-stage investment fund GIC. They were joined by significant investments from prominent funds focused on consumer technologies, such as General Catalyst and Goodwater Capital. Mexico-based Tresalia Capital also participated with its first financial services investment. Previous Round A and Round B investors Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital also continued to support the company with subsequent investments. In addition to this capital raising, Stori has also secured $75 million in debt financing from impact capital provider Community Investment Management ("CIM").
In the 8 months since its Series B in February 2021, Stori has already become one of the leading issuers of new credit cards in Mexico. More than 2 million Mexicans have applied for a Stori credit card, and that number has grown more than 10 times in the last twelve months. Over the next year, Stori commits to investing the $200 million raised in Mexico to triple its size and expand its product suite to meet customer needs and fulfill its mission of democratizing financial access for millions of people. underserved consumers in the region.
The key to the company's success since its launch continues to be the strength of its global team, with offices in Washington DC, Mexico and Asia, and its commitment to meeting the challenge of financial inclusion. "Our success since launch is a direct result of having a team that 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. Stori plans to significantly expand his team, doubling down on training and development opportunities for them, building a strong foundation that fosters diverse thinking and an inclusive culture. Stori offers incredible opportunities to generate social impact and professional growth.
Mexico and Latin America are among the largest financial technology opportunities with more than 400 million unattended consumers. "Our mission is to empower financial inclusion for millions of working people, this has been very special and challenging at the same time. We are making great progress by combining technology, data-driven, learning and data-driven underwriting and a mobile user experience. Many things will come in our journey to become the top financial company in Latin America," said Stori CEO and co-founder Bin Chen.
"The Stori team is a perfect example of a seasoned team bringing a global mindset to solving a big 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-suited to serve the largest consumer market in Mexico. We are delighted to partner with the entire Stori team in its growth to serve more consumers throughout the Spanish-speaking world.", Hans Tung , managing partner of GGV Capital and member of the board.
Find opportunities to join the rapidly growing Stori team here:
(US) https://www.storicard.com/en/talent/
(MX) https://www.storicard.com/trabaja-en-stori
About Stori
Stori is building Mexico's leading services company and Latin America leading digital services provider, currently focused on expanding access to credit cards for emerging and middle-income populations. Stori is fully technology-enabled and leverages global best practices in product design and underwriting to meet the needs of underserved customers in Latin America. With Stori, customers have access not only to a universal digital payment card, but also to fair credit.
+ USD $400 million has been invested in Stori,
powered by these funds
+ USD $400 million has
been invested in Stori,
powered by these funds
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