Mexican Fintech Stori Raises $200 Million in Financing

Fazzaco learned that Stori, Mexico’s leading credit-card-led financial technology platform, has securied a total of $200 million in financing, which includes $125 million worth of Series C equity financing and $75 million in debt financing. The latest investment round was one of the largest in the history of Latin America.

The $125 million in equity was co-led by GGV Capital and GIC with contributions from General Catalyst, Goodwater Capital, Tresalia Capital, Lightspeed Venture Partners, Vision Plus Capital, BAI Capital, and Source Code Capital. The $75 million in debt financing comes from Community Investment Management.

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Through the funding, Stori is planning to expand its presence in Mexico. In the last 8 months, the fintech platform has become one of the top new credit card issuers in Mexico.

In fact, 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 twelve months. And there is still plenty of room for growth. The broader Latin American region has 400 million underserved consumers.

“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,” said Stori co-founder, Marlene Garayzar. “Stori plans to expand its team significantly, doubling down on training and development opportunities, while building a sustainable infrastructure across all teams that foster diverse thinking and an inclusive culture.”