Consumer technology finance company Stori closes its most recent financing round for $150million, bringing the company’s total value to $1.2billion.
As a result of this latest round, Stori, which offers credit cards as a product to Mexico’s underbanked population, now joins a select group of Mexico-based companies that have achieved unicorn status.
This latest series C-2 round comes just nine months after raising one of the largest series C rounds in Latin America and includes a $50million equity investment from BAI Capital, GIC and GGV Capital, along with participation from other existing and new investors, including Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, Tresalia Capital and Davidson Kempner Capital Management LP.
In addition to this, Davidson Kempner granted a line of credit of $100million for the company.
“Stori’s ability to raise this round at a time of economic uncertainty demonstrates investor confidence in Stori and its mission,” said Annabelle Long, founding partner of BAI Capital.
“Stori is distinguished from its competitors by its strong team, disciplined execution, and unmatched ability to serve the unbanked.”
Founded in 2018, Stori offers credit cards to underserved populations. With more than 1.4 million active clients in Mexico, Stori offers each of them the possibility of obtaining a credit card and building their credit history without complicated paperwork, without a credit history and without an annuity. The entire user experience -from the card request to its payment- is carried out through its mobile application.
“The Stori team is a rare combination of industry experience, dynamism and world-changing attitude. The local demand for these types of inclusive financial products is clear and the results to date are not surprising. We remain excited about the idea of collaborating with the Stori team in its growth in Latin America,” said Hans Tung, managing partner of GGV Capital.
The resources from this latest round of financing will be used to invest in the growth of the team and expand the product offering beyond credit cards. The company also plans to expand its geographic reach in Latin America to reach 100 million underserved consumers.
“This new round of investment is an important milestone and brings us one step closer to our vision of changing the lives of millions of people who are currently underserved by traditional financial institutions,” said Bin Chen, CEO and co-founder of Stori.
“By solving our customers’ key pain points with a simple, digitized experience, we hope to play an important role in democratizing access to credit, making life easier for our customers, and supporting economic growth throughout Latin America.”
Stori joins the ranks of the few Mexican startups to achieve unicorn status, bringing it closer to its ambitious goal of serving 100 million customers in Latin America. Marlene Garayzar, CGO and co-founder, becomes the first Mexican woman to have founded a unicorn technology startup in the country.
“We are proud to bring financial inclusion to more than 1.4 million clients in Mexico. This important milestone could not have been possible without our incredible teams in Mexico, the United States and Asia, as well as all our clients who have trusted our brand. and product,” said Garayzar.
“We strongly believe that everyone deserves access to credit products and other financial tools that could be unlocked.”
Image and article originally from thefintechtimes.com. Read the original article here.