Stori Becomes Mexico's Newest Unicorn after $150 Million Raise

Stori, Mexico's leading credit-card-led financial technology provider, has raised $150 million in Series C-2 round at a $1.2 billion valuation, which puts it in the rank of Mexico's unicorn companies.

The latest funding raise includes a $50 million 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. Additionally, Davidson Kempner arranged a $100 million debt facility for the Company.

"This new round of investment is a significant milestone and takes us one step closer towards our vision of changing the lives of millions who are currently underserved by traditional financial institutions," said Bin Chen, Stori CEO and Co-Founder. "By addressing key pain points of our customers with a simple and mobile-first experience, we hope to play a major role in democratizing credit access, making our customers' lives easier, and supporting economic growth across Latin America."

"Stori's ability to raise this round during a time of economic uncertainty demonstrates the confidence of investors in Stori and its mission. Stori stands out from its competitors with its strong team, disciplined execution, and unparalleled capacity to serve the underbanked populations," commented Annabelle Long, Founding Partner, BAI Capital. 

"The Stori team is a rare combination of industry background, hustle and change-the-world attitude. The market demand for inclusive financial products tuned for local markets is clear, and the results are not surprising. We continue to be excited about partnering with the Stori team as they grow across Latin America," said Hans Tung, Managing Partner, GGV Capital.

The investment round comes after it raised $200 million in last November's Series C equity financing​, one of the largest investment in the history of Latin America.