BAI Capital, GGV and GIC led a USD50m round for Stori, a Mexico-based credit card issuer for the underbanked, at a reported USD1.2 valuation, with follow-on from Lightspeed, General Catalyst, Vision Plus Capital, Goodwater Capital and Tresalia Capital.
(TechCrunch) – While credit cards are ubiquitous in the U.S., they are far less so across Latin America, where people — especially lower-income members of the population — have historically relied on cash for payments.
But the market in LatAm has shifted in recent years, and with increased digital adoption, more people are opening their minds to using credit cards for payments. The problem is, those with little to no credit have trouble getting them.
Read more at TechCrunch.