Stori, the Mexican FinTech unicorn, has announced a substantial investment of $212m.
This financing round includes $105 million in equity led by Notable Capital and BAI, with additional contributions from ACE Redpoint Ventures, GIC, General Catalyst, Goodwater, Lightspeed Ventures, and Tresalia.
The remaining $107 million comes from a new debt facility provided by Goldman Sachs and Davidson Kempner Capital Management LP. This investment is one of the largest in Latin America in recent years and marks a significant increase in Stori’s valuation from its previous unicorn round.
Stori is at the forefront of financial innovation in Mexico, offering a range of products such as credit cards, deposits, and personal loans.
The company aims to use the new funding to further enhance and expand its product offerings, reinforcing its position as a leader in the Mexican financial sector. With a user base of 3m, Stori is poised for accelerated growth, thanks to this injection of capital.
The funding will support Stori’s mission to democratise access to high-quality financial services for the underserved middle mass population in Latin America.
The company plans to continue scaling its existing products and launching new ones to meet the growing needs of its users.
Marlene Garayzar, CGO and Co-founder of Stori, commented on the news, stating, “Since the beginning, my co-founders and I recognised the unfair gap in the traditional financial system in Mexico, which has historically served only certain sectors of the population. So we set off on our mission to facilitate access to finance, empowering Mexicans and, in the long term, many more people across Latin America.
“This investment will enable us to continue developing innovative solutions, through technology, that promote financial inclusion and education. It is also a statement of confidence in the future of Mexico. We believe in the potential of its people and in the vision of its government and its regulators to work hand in hand with the private sector to create a favourable environment for investment and innovation and to promote economic prosperity & empowerment for Mexicans,” she continued.
Hans Tung, Managing Director at Notable Capital, remarked, “We are proud to support Stori in its groundbreaking mission to redefine financial access across Mexico and Latin America. Stori’s visionary approach to developing a comprehensive, finance-led, multi-product app, combined with its unwavering commitment to financial inclusion, positions it as a transformative leader in the region.”
In 2020, Stori introduced its inaugural credit card designed to offer financial freedom and peace of mind to individuals often neglected by traditional banking institutions.
With a 99% approval rate, Stori’s credit card stands out as the only one in Mexico with such a high acceptance rate. Customers appreciate Stori for its intuitive interface, educational resources, and its role in helping users build their credit profiles.
By 2022, Stori achieved unicorn status as the first Mexican company co-founded by a woman.
In October 2023, following the receipt of its Sofipo regulatory license, Stori launched Stori Cuenta+, a deposit account that offers an exceptional yield, sparking a transformation in Mexico by enabling savers from all income levels to earn more.
Stori has also announced the appointment of Diego Cabrera Canay as its new Chief Financial Officer. Cabrera, who has extensive experience as CFO at DLocal and VP of Finance at Mercadolibre, will play a crucial role in the company’s next phase of growth.
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