Mexico’s Stori lands $212m in mix of equity and debt financing
Stori, a Mexican fintech unicorn, has secured a new $212 million investment in a combination of equity and debt financing to fuel product innovation.
Stori bags $212 million funding round
The round includes $105 million in equity, led by California-based Notable Capital and China’s BAI Capital, with participation from General Catalyst, Goodwater, Tresalia Capital, GIC, Lightspeed Ventures, and ACE Redpoint Ventures.
Meanwhile, the $107 million debt portion was spearheaded by Goldman Sachs and Davidson Kempner Capital Management LP.
In an interview with Bloomberg, Marlene Garayzar, Stori’s co-founder and chief governance officer, hinted that the firm intends to leverage the funds from the equity infusion to upgrade its tech and expand its product suite, with the potential for deposits and personal loans, while the cash injection from the debt segment will be allocated for lending.
Furthermore, the fintech has earmarked its latest financing to fuel its expansion into Latin America, with an announcement about its next country of entry expected later this month.
Although precise valuation details were not disclosed, Garayzar revealed that this round was achieved at a higher market value than the company’s previous raise in 2022, when Stori attained unicorn status with a valuation of $1.2 billion.
Founded in 2019, Stori aims to “democratise credit access for 400 million underbanked LatAm consumers” with a mobile application featuring a range of digital products and services, including savings accounts and credit cards.
Alongside the funding news, Stori announced the appointment of Diego Cabrera Canay, former CFO of Uruguayan paytech dLocal, as its new group CFO.
