Stori Card, a fintech startup based in Mexico City, raised $125 million in funding to provide digital financial services to underserved customers.
The oversubscribed Series C round, one the largest ever for a Latin American startup, was co-led by global VC GGV Capital and growth-stage investor GIC. Firms like General Catalyst, Goodwater Capital, and Tresalia Capital also participated in the round, which brings the total funding raised by Stori to $200 million. Hans Tung, Managing Partner at GGV Capital and board member, said about the startup:
“The Stori team is a perfect example of an experienced team bringing a global mindset to solve a huge local challenge. Using the power of technology to change the lives of hundreds of millions of mass market and middle-income consumers, Stori has created a differentiated product that is well tuned to serve Mexico’s largest consumer market. We’re thrilled to partner with the entire Stori team as they continue to grow to serve more consumers across the Spanish-speaking world.”
Founded in 2019. Stori was founded to create new financial opportunities for those who historically hadn’t had access to them in Latin America’s second-biggest economy. The region has represented one of the fastest-growing markets for fintech startups over the past years as a result of the more than 400 million underserved customers. Bin Chen, Stori CEO and co-founder, said about the startup’s plans to expand in the region:
“The Stori team is a perfect example of an experienced team bringing a global mindset to solve a huge local challenge. Using the power of technology to change the lives of hundreds of millions of mass market and middle-income consumers, Stori has created a differentiated product that is well tuned to serve Mexico’s largest consumer market. We’re thrilled to partner with the entire Stori team as they continue to grow to serve more consumers across the Spanish-speaking world,”
Over the past 8 months, Stori has seen more than 2 million Mexican users apply for its card, which represents a growth of more than 10x over the past year. The startup is now looking to sustain this growth by investing heavily in employee training and development opportunities to promote innovation.
