Stori Secures $212M to Boost Financial Inclusion in Latin America

Stori Raises $212 Million for Financial Inclusion Growth

Fintech and Financial Services

Stori, Financial, Inclusion, Latin America

Stori raises $212 million to expand financial services and inclusion across Latin America.

Stori, one of the biggest Mexican fintech startups currently, boasts a recent equity and debt funding round that raised $212 million to advance its mission of democratizing financial services in Latin America. Key investors in this round were Notable Capital and BAI. New and existing investors are ACE Redpoint Ventures, GIC, General Catalyst, Goodwater, Lightspeed Ventures, and Tresalia. In debt financing, Goldman Sachs and Davidson Kempner Capital Management LP committed $107 million.

This is the biggest financing round in Latin America for the last year and one of the important steps in the journey of commitment that Stori takes towards the aspect of financial inclusion. These funds will go toward the further expansion of its products, which includes credit cards, deposits, and personal loans while expanding over 3 million users in Mexico who have been faithful customers. With the objective of providing financial solutions accessible to the underbanked, Stori aims to transform the traditional financial system in Mexico, equipping it with tools that can help improve financial literacy and empower the people.

One of the main features of the Stori credit card is a 99% approval rate, coupled with user-friendly experience. Thus, the card is of significant interest to people whom traditional banking institutions pass by. The new Stori Cuenta+ is the company's first high-yield deposit account and has caused waves in Mexico. Savers at all levels now have a chance to earn more.

Co-founder Marlene Garayzar said that the investment will further the growth of Stori into the future and expand access to finance across Mexico and Latin America. The new funds will allow Stori to continue its rapid scaling and development, putting the fintech at the forefront of the transformative leaders in the Latin American financial services sector. The company also welcomed Diego Cabrera Canay as its new CFO to guide the next phase of growth.