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 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.
