Mexican digital bank Stori has collected $10m in its Series A2 funding round which was co-led by Bertelsmann Investments (BI) and Source Code Capital.
Other contributions to the round came from previous Stori backer Vision Plus Capital.
In tandem with the funding, the challenger bank has released its new credit card.
With the new backing, the company will strengthen its big data and AI platform, increase the size of its team and grow its Mexican customer base to 100,000 customers.
The company’s goal is to build a digital bank in Latin America and is initially focusing on Mexico.
Stori is a digital bank which is looking to serve the unbanked and underbanked consumers in the region.
Stori CEO Bin Chen said, “Almost two decades ago, one credit card saved me from financial difficulty and helped launch my career. Now we are making it our mission to give the same opportunities to tens of millions of hard-working and responsible Mexicans.
“In last two years, we have developed a strong big data and AI based platform and built a fantastic Mexico team supported by global talent and resources. The stage is set to turbocharge our growth in platform, people, brand and customer base, making a big impact on financial inclusion.â€
The company launched in 2018 and ha raised over $17m in equity.
Last year, fellow Latin Americn challenger bank NuBank secured a $400m Series F round which helped it reach a valuation of $10bn, making it a decacorn.
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