The fintech Stori became the ninth Mexican unicorn after receiving an extension of its series C investment round for $50 million of equity and $100 million of debt and reaching a valuation of $1.2 billion.
The startup happens to PoplarBitso, Clip, Merama, Incode, Konfío, Clara and Nowports as the most recent startup that reaches a valuation of more than 1,000 million dollars in Mexico.
The fintech that offers a credit card to those who do not have a credit history or those who do not have the best track record, with interest rates ranging from 69 to 99%, received financing from BAI Capital, GIC and GGV Capital, along with the participation of other existing and new investors, including Lightspeed Venture Partners, General Catalyst , Vision Plus Capital, Goodwater Capital and Tresalia Capital.
The resources obtained in this extension of its series C will be used by Stori to grow the number of customers it serves, which currently reaches the figure of 1.4 million, to begin expanding its operations to other countries and to expand its product portfolio. financial, revealed Marlene Garayzar, director of Governance of Stori in an interview with The Economist.
Stori is a non-regulated entity multiple purpose financial company (A sofa ENR) founded in 2018 which, since the beginning of 2020, offers a credit card international mastercard with an initial line of credit that goes from 1,000 to 10,000 pesos, which grows according to the payment capacity and the user’s behavior. The card is delivered to 95% of those who request it even if they do not have the best credit history or lack it.
“What we want is that, through access to this product, they can have a first or second chance and that they can heal their credit history,” said Garayzar.
In 2018, Stori raised a seed round for $1.5 million. This was followed by a series A round in 2020 for $15 million and another $32.5 million in its series B in early 2021. Just a few months later, in October 2021, the company raised a series C mega-round for $200 million. dollars and now receives, as part of an extension of its series C, 50 million of capital and another 100 million of debt. In total, the company has received around $400 million in financing.
The story card It also includes an application in which its customers can pay for government services, transportation, fixed and mobile telephony, electricity, and water and gas supply. The total annual cost (CAT) of their cards ranges from 93.77% to 162.84 percent.
rodrigo.riquelme@eleconomista.mx