GGV and GIC led a USD125m Series C for Stori, a Mexican credit card issuer, with participation from General Catalyst, Goodwater Capital and Tresalia Capital, and follow-on from Lightspeed, Vision Plus Capital, BAI Capital and Source Code Capital.
(Press Release) – Credit card-led fintech Stori announced today that it has closed one of the largest Series C equity financing rounds in Latin America to date, accompanied by a debt raise that will be used to fund Stori’s rapidly growing credit card portfolio. The $125M over-subscribed Series C round was co-led by global VC GGV Capital and growth-stage investor GIC. They were joined with significant investments from prominent consumer tech-focused funds General Catalyst and Goodwater Capital. Mexico-based Tresalia Capital also participated, making its first fintech investment. Previous Series A- and B-round investors Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital also continued to support the company with follow-on investments. Alongside this equity raise, Stori has also raised $75M in debt financing from impact-focused, debt capital provider Community Investment Management (“CIM”).
In the 8 months since its Series B in February 2021, Stori has already become a top issuer of new credit cards in Mexico. 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. Over the next year, Stori is committed to investing the $200M raised in Mexico to triple in size and broaden its suite of products in order to address customers’ needs and fulfill its mission of democratizing financial access for millions of underserved consumers in the region.
The key to the company’s success since launching continues to be the strength of its global team, with offices in Washington DC, Mexico and Asia, and their commitment to tackling the financial inclusion challenge. “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 fosters diverse thinking and an inclusive culture. For those passionate about the intersection of technology and financial inclusion, Stori is offering incredible opportunities to create social impact and to grow professionally.
Mexico and Latin America are among the largest fintech opportunities with over 400 million underserved consumers. “Our mission – empowering financial inclusion for millions of hard-working people – is amazingly meaningful and challenging at the same time. We are progressing at an unprecedented pace by combining technology, machine learning, data-driven underwriting and an intuitive mobile-based user experience. A lot more will come in our journey to become a top consumer financial franchise in Latin America” said Stori CEO and co-founder, Bin Chen.
“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.