Stori, a Mexico City-based fintech company offering credit card products to Mexico’s underserved population, raised $150m, which valued it at $1.2 billion.
Stori’s financing includes a $50m equity investment from BAI Capital, GIC, and GGV Capital, 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.
The company intends to use the funds to invest in the growth of the team and extend product offerings beyond the credit card, as well as expanding its geographic reach across Latin America targeting 100 million underserved consumers.
Founded in 2018 and led by Bin Chen, CEO, Stori offers credit card products to underserved populations. With more than 1.4 million customers in Mexico, the company 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 mobile app.
FinSMEs
18/07/2022