Mexican Fintech Stori Secures $200 Million in Financing

Mexico’s leading credit-card-led financial technology platform, Stori yesterday announced that the company has raised a total of $200 million in financing. The recent investment round includes $125 million worth of Series C equity financing and $75 million in debt financing.

The Series C equity round was co-led by global VC GGV Capital and growth-stage investor GIC. However, the company received debt financing from Community Investment Management (CIM).

Through the latest 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.

"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.”

Funding

In recent financing, Mexico-based Tresalia Capital made its first Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term investment. Prominent global venture capital firms, like Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital also joined the Series C financing. Stori has offices in the US, Mexico, and Asia.

"The Stori team is a perfect example of an experienced team bringing a global mindset to solve a huge local challenge. Using the power of technology to change the lives of hundreds of millions of mass-market and middle-income consumers, Stori has created a differentiated product that is well-tuned to serve Mexico's largest consumer market. We're thrilled to partner with the entire Stori team as they continue to grow to serve more consumers across the Spanish-speaking world," Hans Tung, Managing Partner, GGV Capital and board member, said.