Fintech Stori Joins Mexico’s Unicorn Club after $150 Million Raise

Stori, a consumer fintech company founded in Mexico in 2018, has hit a $1.2 billion valuation after raising $150 million in its latest Series C-2 financing round.

With the raise, Stori joins the likes of the car-dealer marketplace, Kavak, the cryptocurrency trading platform, Bitso, the payment terminal, Clip, the digital banker, Konfio, the e-commerce platform, Merama, and the spend management platform, Clara, in Mexico’s unicorn club.

Stori announced its unicorn status on Friday in a press statement seen by Finance Magnates.

The startup’s new $150 million funds come less than a year after it raised $200 million from a Series C funding round.

This increase from last year is considered to be one of the biggest Series C equity financing rounds in Latin America's history.

According to Stori’s press statement, BAI Capital contributed a total of $50 million in equity to the new financing.

On the other hand, the alternative investment firm, David Kempner Capital Management, arranged a $100 million debt facility for the startup, Stori said.

Furthermore, Stori listed existing and new investors that participated in the new Series C-2 round including Lightspeed Venture Partners, Vision Plus Capital, General Catalyst, Goodwater Capital and Tresalia Capital.

Stori said the new raise will be used to fuel the startup’s growth and expansion beyond credit card offering.

“The company also plans on expanding its geographic reach across Latin America [by] targeting 100 million underserved consumers,” Stori said in the statement.

Moreover, the Mexican fintech company said it has built a base of over 1.4 million customers.

The fintech company boasts of offering every customer the opportunity to get a credit card and grow their credit history without any intricate paperwork, credit history, or yearly fee.

“The entire user experience, from applying for the card to paying bills, is carried out through the Stori mobile app,” the startup said.

Female Record Breaker

According to Stori, Marlene Garayzar, the startup’s Co-Founder and Chief Governance Officer, is now Mexico’s first woman to establish a unicorn tech startup in the North American country.

Commenting on the unicorn status, Garayzar said the firm believes that everyone should have access to the opportunities that credit and other financial tools provide.

“This important milestone could not have been possible without our incredible teams in Mexico, the US and Asia, and to all our customers who embraced our brand and product," Garayzar noted.

Bin Chen, Stori’s Chief Executive Officer and Co-Founder explained that the startup is hoping to drive credit access for all Mexicans.

Additionally, Stori wants to make 'customers’ lives easier' and also support 'economic growth across Latin America'.