Credit card-led financial technology company Stori with offices in the United States, Mexico and Asia, closed a Series C equity financing round and a debt raise that will be used to fund Stori’s credit card portfolio. The $125 million, over-subscribed Series C round was co-led by GGV Capital and GIC. They were joined with investments by General Catalyst and Goodwater Capital. Mexico-based Tresalia Capital also participated, making its first fintech investment. Previous Series A- and B-round investors Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital also continued to support Stori with follow-on investments. Alongside this equity raise, Stori also raised $75 million in debt financing from debt capital provider Community Investment Management.
More than 2 million Mexicans have applied for a Stori credit card, and that number has grown by more than 10 times in the last 12 months, according to the company. Over the next year, Stori will invest the $200 million raised in Mexico to triple in size and broaden its suite of products.
“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,” Marlene Garayzar, co-founder of Stori, said.
“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” Bin Chen, CEO and co-founder of Stori, said.
“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,” Hans Tung, managing partner and board member at GGV Capital, said.
