Stori is a fintech startup that provides loans to Mexicans that do not have bank accounts. With increased digital adoption in Latin America, more and more people start using credit cards instead of the usual charge cards provided by retailers for their payments. However, there is a problem, those who have little to no credit have trouble getting them. Startup Stori provides credit cards to underserved populations in Mexico.
The funding round was co-led by BAI Capital, GIC, and GGV Capital. Among other participants were existing investors Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, and Tresalia Capital. The new funding will be used for more hiring and product offering expansion across Spanish-speaking Latin America. With this round, Stori enters the unicorn club.
Stori, Mexico, was founded by Sherman He, Marlene Garayzar, Bin Chen, GY Liu, and Nick Chen in 2018. Marlene Garayzar is believed to be the first woman in Mexico who founded a unicorn technology startup. As of now, Stori customer base includes more than 1.4 million clients in Mexico, this number is 3 times higher than it was in the prior year. “Our technology and underwriting allow us to give an offer for a credit card to anyone who applies, regardless of credit history, all through a paperless, mobile-first experience,” Chen. The Stori team consists of over 200 professional employees and 400 support and service personnel. A year ago, this number was 70.