Mexican FinTech Stori has secured over $200m in financing following a $125m Series C raise and a $75m debt financing haul.
The Series C was co-led by GGV Capital and GIC and saw investments from General Catalyst, Goodwater Capital, Tresalia Capital, Lightspeed Venture Partners, Vision Plus Capital, Source Code Capital and BAI Capital. The debt financing was provided by Community Investment Management.
Stori claims its mission is to democratise credit card access to the 80 million underserved Mexicans. Since its $32m Series B raise earlier this year, the company claims it has become a top issuer of new credit cards in Mexico.
According to Stori, it is committed to investing the $200m raised to triple in size and broaden its suite of products in order to deal with customers’ needs and fulfil its mission of democratising financial access to those underserved.
The company also plans to expand its team substantially, doubling down on training and development opportunities while building a ‘sustainable infrastructure’ across all teams.
Stori CEO and co-founder Bin Chen said, “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.”
Stori co-founder Marlene Garayzar added, “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.”
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