The financing round, led by Notable Capital and BAI with participation from new and existing investors, and a new debt facility from Goldman Sachs and Davidson Kempner Capital Management LP, represents one of the largest rounds in Latin America in recent years.
Stori is rapidly launching a number of new products including credit cards, deposits, and personal loans, and will use this investment to accelerate product growth further.
MEXICO CITY, Aug. 6, 2024 /PRNewswire/ — Stori, the pioneering Mexican startup dedicated to revolutionizing consumer finance with a suite of groundbreaking products and services, announced a new round of equity and debt financing totaling US$212 million. This includes US$105 million in equity led by Notable Capital and BAI with participation from new and existing investors ACE Redpoint Ventures, GIC, General Catalyst, Goodwater, Lightspeed Ventures, and Tresalia, and US$107 million in new debt financing provided by Goldman Sachs and Davidson Kempner Capital Management LP. This investment represents a step up in valuation over the previously announced unicorn round.
(PRNewsfoto/Stori)
This latest injection of capital will accelerate Stori’s progress towards its mission of democratizing access to quality financial services for the often underserved middle mass population in Latin America. The funding will support the introduction and scaling of new and existing products, further strengthening Stori’s leadership position in Mexico. With 3 million loyal users, Stori is expecting continued rapid growth with this financing.
“Since the beginning, my co-founders and I recognized the unfair gap in the traditional financial system in Mexico, which has historically served only certain sectors of the population. So we set off on our mission to facilitate access to finance, empowering Mexicans and, in the long term, many more people across Latin America. This investment will enable us to continue developing innovative solutions, through technology, that promote financial inclusion and education. It is also a statement of confidence in the future of Mexico. We believe in the potential of its people and in the vision of its government and its regulators to work hand in hand with the private sector to create a favorable environment for investment and innovation and to promote economic prosperity & empowerment for Mexicans,” said Marlene Garayzar, CGO and Co-founder of Stori.
“We are proud to support Stori in its groundbreaking mission to redefine financial access across Mexico and Latin America. Stori’s visionary approach to developing a comprehensive, finance-led, multi-product app, combined with its unwavering commitment to financial inclusion, positions it as a transformative leader in the region,” said Hans Tung, Managing Director at Notable Capital.
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Additionally, Stori is pleased to announce the joining of Diego Cabrera Canay as its new Chief Financial Officer (CFO). The strategic hiring of Diego Cabrera, who brings a wealth of experience from his previous roles as CFO at DLocal (leading a successful IPO there), VP of Finance at Mercadolibre, and Senior Manager at PWC, further strengthens Stori’s executive team to support its momentum and take the company into its next phase of rapid scaling and development.
In 2020, Stori launched its first credit card product aimed to provide financial freedom and peace of mind to those customers overlooked by the traditional banking system. As the only credit card in Mexico with a 99% approval rate, customers love Stori for its user-friendly experience, educational platform, and its ability to help them build credit. In 2022, Stori became the first Mexican unicorn co-founded by a woman. In October 2023, following the approval of its Sofipo regulatory license, the company announced Stori Cuenta+, a deposit account offering a market-leading yield, catalyzing a revolution in Mexico of helping savers of all income-classes earn more.
Bin Chen, CEO & Co-founder of Stori said with excitement: “This milestone has been made possible by the incredibly dedicated and world-class Stori team who tirelessly work to improve the lives of our users. We look forward to bringing our products and services to tens of millions of customers more”
About Stori
Stori is a Mexican unicorn technology company that offers digital products and services to simplify the lives of our 3 million users. From savings accounts to credit cards, our mobile application provides a seamless, fast and easy experience. It is crucial for us that our users trust us and have peace of mind, and that we are part of their daily lives so they can make the most of their money and go further. Visit our website and social media Facebook Stori.Mx; X: @mi_stori; Instagram: @stori.card to learn more.
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Publish date : 2024-08-06 00:00:00
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