Mexican fintech startup Stori reaches unicorn status with $50M equity raise . Stori now have a $1.2 billion valuation. It also has secured $100 million in debt financing.
What is Stori ?
Stori is building Mexico's leading consumer fintech company and Latin America's leading digital financial services provider, currently focused on expanding access to credit cards for emerging and middle-income populations. Stori is fully technology-enabled and leverages global best practices in product design and underwriting to meet the needs of underserved customers in Latin America. With Stori, customers have access not only to a universal digital payment card, but also to fair credit.
Several members of the startup’s founding team spent years at Capital One honing their skills in underwriting underserved populations, while others worked at the likes of Mastercard, Morgan Stanley, GE Money, HSBC and Intel in Mexico and the U.S. That strong team was what in part attracted its lead investors to back the company.
What’s their plan ?
The company plans to use its latest cash infusion to do more hiring, as well as to expand its product offering as well as geographically across Spanish-speaking Latin America. The company currently has over 200 professional employees and more than 400 support and service personnel, compared to 70 professionals a year ago. Most of the team is located in its Mexico City headquarters.