Stori bags $150m Series C-2 funding at $1.2bn valuation
Stori, a fintech company offering credit card products to Mexico’s underserved population, has raised $150 million in a mix of equity and debt financing at a $1.2 billion valuation, lifting the company to unicorn status.
The Series C-2 round includes a $50 million equity investment co-led by BAI Capital, GIC and GGV Capital and featuring participation from other existing and new investors including Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, Tresalia Capital and Davidson Kempner Capital Management LP.
Additionally, Davidson Kempner has arranged a $100 million debt facility for the company.
The latest round comes just nine months after Stori’s $200 million Series C round.
The company plans to use the fresh capital to grow its team and extend its product offerings “beyond the credit card”. It also plans on expanding its geographic reach across Latin America, targeting 100 million underserved consumers.
Founded in 2018, Stori offers credit card products to underserved populations to enable them to build their credit history. Through its mobile app, it claims to offer every customer a credit card with “no complicated paperwork, no credit history and no annual fee”.
“This new round of investment is a significant milestone and takes us one step closer towards our vision of changing the lives of millions who are currently underserved by traditional financial institutions,” says Bin Chen, Stori CEO and co-founder.