Another Fintech Firm In Mexico, Stori, Joins The Unicorn Club

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Consumer fintech firm Stori has raised $150 million in its Series C funding, taking the company’s valuation to $1.2 billion. This means the fintech firm has become the latest member of Mexico’s unicorn club.

Other companies already in the unicorn club in Mexico include Spend Management platform Clara, e-commerce platform Merama, digital banker Konfio, payment terminal Clip, crypto trading platform Bitso, and car-dealer marketplace Kavak. The recent funding is coming less than a year after it completed a $200 million Series C equity financing. This was considered one of the highest Series C funding round in the history of Latin America.

Stori Provides Access To Credit And Other Financial Tools

Co-Founder and Chief Governance Officer of Stori, Marlene Garayzar, stated that the company is taking a unique approach to satisfy its customers. Garayzar, who is now the first woman to own a unicorn tech startup in Mexico, stated that everyone has the right to have equal opportunities to gain access to credit and other financial tools. Stori was established to provide this access without any hassles. She added that this could not have been possible without the company’s incredible teams in Mexico, Asia, and the US as well as all its customers that have embraced its products and brand.

The latest $150 million funding round was led by BAI Capital who contributed $50 million to the new raise. Other participants also came in for the event, with alternative investment firm David Kempner Capital Management, arranging a $100 million in debt facility for the startup.

Stori stated that other companies that participated in the latest round include Vision Plus Capital, Lightspeed Venture Partners, Tresalia Capital, Goodwater Capital, and General Catalyst.

Stori To Expand Its Operations

The company highlighted that the additional funding will be used to expand its operations across Latin America. The company plans to target 100 million underserved consumers in the region. Additionally, the firm stated it has already built a base of more than 1.4 million customers.

The fintech firm says it offers every consumer the opportunity to grow their credit history without any complication or heavy paperwork, yearly fee, or credit history.

“The entire user experience—from applying for the card to paying bills—is carried out through the Stori mobile app,” the firm noted.

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.