Mexican Fintech Stori Gets $212 Million In Funding

Mexican fintech Stori raised $212 million in funding during a recent round according to a press release published by the company on Tuesday. The Latin American unicorn—with a valuation of over 1 billion— will use the new funds to expand and offer new services to its customers.

According to Reuters, Stori offers customers credit cards with modest credit limits—starting at 500 Mexican pesos or $25.89—, and also savings accounts with a very high yield of 15%.

Just over half of the Mexican citizens rely on financial products like bank accounts according to a study led by the Mexican government agency Condusef.

Stori expects to gain more customers—it currently has 3 million users—to compete against its rivals Mexico Nubank—with over 7 million users— and Uala—with over 1.5 million.

“Since the beginning, my co-founders and I recognized the unfair gap in the traditional financial system in Mexico, which has historically served only certain sectors of the population,” said Marlene Garayzar, CGO and Co-founder of Stori in the press release. “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.”

As detailed in the document, of the $212 funds raised, $107 million represents new debt financing, provided by Goldman Sachs and Davidson Kempner Capital Management LP, and $105 million in equity led by Notable Capital and BAI.

“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,” said Hans Tung, Managing Director at Notable Capital.

The fintech also announced a new Chief Financial Officer (CFO) Diego Cabrera Canay who previously stood out in roles in Latin American companies like DLocal—as CFO—, and Mercadolibre—as VP of Finance.