Mexican fintech Stori secures $50m debt capital from CIM
Mexican fintech unicorn Stori has received $50 million in debt capital from Community Investment Management, its second debt facility to the start-up.
Stori secures additional $50m debt capital
In November 2021, Stori raised $125 million in Series C funding, and $75 million in debt financing from CIM. After that round, in July last year, the fintech start-up raised $150 million in a mix of debt and equity financing as part of its Series C-2 round, at a valuation of $1.2 billion.
Founded in 2019, the Mexico-based fintech start-up is building a digital platform to broaden financial inclusion in Latin America. Currently, it offers a personalised credit card to underserved populations.
Stori says its user-centric approach makes its credit cards “stand out”, claiming a 99% approval rate and a no-fee account, giving access to formal credit to customers, many of whom are first-timers. It now claims to serve two million customers in Mexico.
“This number carries so much weight for us because many of our customers have never been granted credit before,” says Bin Chen, CEO and co-founder of Stori.
“And this significant new credit line from our partner, CIM, gives us more dry powder to deliver on our mission to democratise access to financial products and services for the underbanked population in Latin America.”
