Mexico City, November 11, 2021 – Credit card-led fintech Stori announced today that it has closed one of the largest Series C equity financing rounds in Latin America to date, accompanied by a debt raise that will be used to fund Stori’s rapidly growing credit card portfolio. The $125M over-subscribed Series C round was co-led by global VC GGV Capital and growth-stage investor GIC. They were joined with significant investments from prominent consumer tech-focused funds General Catalyst and Goodwater Capital. Mexico-based Tresalia Capital also participated, making its first fintech investment. Previous Series A- and B-round investors Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital also continued to support the company with follow-on investments. Alongside this equity raise, Stori has also raised $75M in debt financing from impact-focused, debt capital provider Community Investment Management (“CIM”).
In the 8 months since its Series B in February 2021, Stori has already become a top issuer of new credit cards in Mexico. More than 2 million Mexicans have applied for a Stori credit card, and that number has grown by more than 10 times in the last twelve months. Over the next year, Stori is committed to investing the $200M raised in Mexico to triple in size and broaden its suite of products in order to address customers’ needs and fulfill its mission of democratizing financial access for millions of underserved consumers in the region.
The key to the company’s success since launching continues to be the strength of its global team, with offices in Washington DC, Mexico and Asia, and their commitment to tackling the financial inclusion challenge. “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. Stori plans to expand its team significantly, doubling down on training and development opportunities, while building a sustainable infrastructure across all teams that fosters diverse thinking and an inclusive culture. For those passionate about the intersection of technology and financial inclusion, Stori is offering incredible opportunities to create social impact and to grow professionally.
Mexico and Latin America are among the largest fintech opportunities with over 400 million underserved consumers. “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.
“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.
Stori is building the top consumer fintech in Mexico and a leading digital financial service provider in Latin America, currently focused on expanding access to credit cards for mass-middle and emerging-middle income populations. Stori is fully-tech 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 to not just a universal digital payment card, but also fair credit. For more information.
GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in San Francisco, Shanghai, and Beijing. The firm manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America, and Israel. Over the past two decades, the firm has backed more than 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Grab, HashiCorp, Hello, Keep, Kujiale, Opendoor Technologies, Peloton, Poshmark, Slack, Square, StockX, Udaan, Vedantu, Wish, XPeng, Zendesk, and more. More information can be found at www.ggvc.com and @ggvcapital.
GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, we take a long-term, disciplined approach to investing, and are uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Our long-term approach, multi-asset capabilities, and global connectivity enable us to be an investor of choice. We seek to add meaningful value to our investments. Headquartered in Singapore, we have a global talent force of over 1,800 people in 10 key financial cities and have investments in over 40 countries. For more information, please visit gic.com.sg or follow us on LinkedIn.
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker. For more information,
Goodwater’s mission is to empower exceptional entrepreneurs who are changing the world through consumer technology. We are devoted to the entrepreneurs who pioneer powerful new platforms that serve consumer needs across housing, healthcare, food, financial services, transportation, education, and entertainment. Our team has more than 40 years of experience investing in leading consumer technology companies around the world, with a portfolio spanning over 25 countries. Goodwater and its partners have been honored to invest in and help build leading companies such as Chegg, Coupang, Daangn Market, Everly Health, Facebook, Getir, Greenlight, Kakao, MoMo, Monzo, musical.ly/TikTok, Spotify, Stash, Toss, Twitter, Weee!, and Xendit. For more information about Goodwater Capital, please
Tresalia Capital is a leading family office and a global investor with investments and transactional experience throughout Latin America, Asia, Europe and the U.S. As a founding family of Cerveceria Modelo (Corona Beer), Tresalia has extensive experience in consumer products and deep business relationships throughout the US and Latin America. Tresalia supports founders and management teams in executing a shared vision of growth by pairing financial strength with strategic assistance. Tresalia Capital's portfolio includes AB-InBev, Tory Burch, Kio Networks, Casper, Multiplan, Kraft-Heinz, Aliat, and Medistik as well as early-stage investments like Kavak, Kovi, Editas, Minu, Miroculus, and GAIA amongst others.
Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 400 companies globally, including Snap, Nest, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, Affirm, and GrubHub. Lightspeed and its affiliates currently manage $10.5B across the global Lightspeed platform, with investment professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia, and Europe. For more information,
Vision Plus Capital is a leading VC fund in Asia created in 2015 by a number of partners with background from leading investment institutions and internet companies including Ant Financial. With $1.5B capital under management, Vision Plus Capital focuses on early-stage and growth-stage investments covering Consumer Internet, Enterprise services/SaaS, FinTech, Digital Health and Advanced Computing areas, and has invested in 100+ portfolio companies with successful IPOs of Li Auto (LI.US) and Tuya (TUYA.US) etc. In the Fintech area, Vision Plus Capital has invested in startups across multiple countries in Asia and Latin America, including Stori, Advance Intelligence Group and SMY Financial. For more information,
BAI Capital is a leading Venture and Growth Capital fund in Asia with nearly 200 portfolios, including 15+ IPOs & 40+ unicorns. Designated a top 3 fund in Fintech investments in Asia, BAI is the early investor on multiple leading Fintech unicorns in Asia and World, such as Linklogis Group (HKEX.9959), Lexin Group (US.LX), Yixin Group (HKEX.2051), Opay, Stori and Babel Finance etc. BAI focuses on sectors including Urbanization and Demographic Change, Financial Services, Social/ Media/ Content, and Tech & Infrastructure. Backed by Europe-based Bertelsmann Group, a media, services and education corporation that operates in 50 countries around the world, BAI supports its portfolio company’s growth with not only long-term capital, but also Bertelsmann Group’s vast global resources and channels. For further information,
Founded in 2014, Source Code Capital currently manages around RMB 35 billion across both RMB and USD. We insist on bottoms-up fundamental thinking and in-depth research to drive our investments. Since inception, Source Code Capital is dedicated to investments advancing technological innovation and development, supporting small and mid-sized enterprises, enriching and improving people’s livelihoods, and promoting green development, among other areas. We have partnered with over 300 companies across multiple sectors, spanning Industrial Digitization, Artificial Intelligence, Robotics, Advanced Manufacturing, Green Development, Enterprise Software, Healthcare and Biotech, New Consumption and New Brands, and Global+. For further information,
Community Investment Management (CIM) is a global institutional impact investment firm that provides strategic debt capital to demonstrate and scale responsible innovation in lending to underserved communities in the United States and emerging markets. We believe that responsible financial inclusion for the underserved is critical to equitable economic growth, job creation and retention, and the health and sustainability of local communities. For further information,