Mexico City: Consumer fintech Stori announced today that it has raised $32.5 million Series B funding led by Silicon Valley-based Lightspeed Venture Partners with participation from existing investors Vision Plus Capital, BAI Capital, and Source Code Capital. The new financing will support the company’s rapid growth as it is quickly becoming a top credit card issuer in the country. This round brings the company’s total funding to $50 million to date and brings together an investor set with deep global consumer fintech experience.
In the middle of the pandemic, Stori has been working tirelessly to meet Mexico’s huge, growing demand for flexible consumer credit and reliable digital financial services. Stori has focused on providing access to credit cards first because of the strong value the product offers consumers, including the ability to make online and in-store purchases, manage short-term or emergency cash needs, and build a credit history.
Stori is growing its customer base fast and is well on the way to transforming the credit card landscape in Mexico. “By tailoring global best practices in underwriting, technology, and user-friendly design, combined with rapid iterations, we’ve found the right formula to deliver a compelling product and experience to the large underserved population in Mexico,” says CEO and Co-Founder Bin Chen, who previously worked at Capital One and Mastercard in both U.S. and emerging markets. “Our goal is to become a leading digital bank for the underserved population in the region. The new investment will support our fast growth and will enable us to further strengthen our leading capabilities. In addition, we are benefitting from our investors’ extensive experience building category-defining fintechs like Affirm, Ant Financial, and Webank.”
Stori’s co-founder, Marlene Garayzar, said, “It has been amazing to watch our team deliver such huge progress even during the pandemic. Our people and our capabilities are truly differentiated from what I have seen in 15+ years of financial service experience in Mexico.”
Stori will continue to leverage its customer-centric, tech-driven approach to provide access to digital financial services for millions of new customers. The company has built a scalable data infrastructure with feedback loops and iterations that are constantly accelerating to set the company ahead.
“We are very excited to continue supporting Stori. Stori’s strong team has led it to become one of the fastest growing digital banks in Latin America. We look forward to their continued success and growing adoption by users,” said William Zhao, Managing Director at BAI Capital.