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Stori, a consumer fintech
company founded in Mexico in 2018, has hit a $1.2 billion valuation after
raising $150 million in its latest Series C-2 financing round.
With the raise, Stori joins
the likes of car-dealer marketplace Kavak, cryptocurrency trading platform
Bitso, payment terminal Clip, digital banker Konfio, e-commerce platform
Merama, and spend management platform Clara, in Mexico’s unicorn club.
Stori announced its unicorn
status on Friday in a press statement seen by Finance Magnates.
The startup’s new $150 million raise comes less than a year after it raised $200 million
from a Series C funding round.
This raise from last year is
considered one of the biggest Series C equity financing rounds in Latin America’s history.
According to Stori’s press
statement, BAI Capital contributed a total of $50 million in equity to the new
raise.
On the other hand,
alternative investment firm David Kempner Capital Management, arranged a $100
million debt facility for the startup, Stori said.
Furthermore, Stori listed existing and new investors that participated in the new Series C-2 round
to include Lightspeed Venture Partners, Vision Plus Capital, General Catalyst,
Goodwater Capital, and Tresalia Capital.
Stori said the new raise will
be used to fuel the startup’s growth and expansion beyond credit card offering.
“The company also plans on
expanding its geographic reach across Latin America [by] targeting 100 million
underserved consumers,” Stori said in the statement.
Moreover, the Mexican fintech company said it has built a base of over 1.4 million customers.
The fintech company boasts
of offering every customer the opportunity to get a credit card and grow
their credit history without any intricate paperwork, credit history, or yearly
fee.
“The entire user
experience—from applying for the card to paying bills—is carried out through
the Stori mobile app,” the startup said.
Female Record Breaker
According to Stori, Marlene
Garayzar, the startup’s Co-Founder and Chief Governance Officer, is now
Mexico’s first woman to establish a unicorn tech startup in the North American country.
Commenting on the unicorn
status, Garayzar said the firm believes that everyone should have access to the
opportunities that credit and other financial tools provide.
“This important milestone
could not have been possible without our incredible teams in Mexico, the US,
and Asia, and to all our customers who embraced our brand and product,”
Garayzar noted.
Bin Chen, Stori’s Chief
Executive Officer and Co-Founder, explained that the startup is hoping to drive
credit to access for all Mexicans.
Additionally, Stori wants to make “customers’ lives easier” and also support “economic growth across Latin
America.”
Stori, a consumer fintech
company founded in Mexico in 2018, has hit a $1.2 billion valuation after
raising $150 million in its latest Series C-2 financing round.
With the raise, Stori joins
the likes of car-dealer marketplace Kavak, cryptocurrency trading platform
Bitso, payment terminal Clip, digital banker Konfio, e-commerce platform
Merama, and spend management platform Clara, in Mexico’s unicorn club.
Stori announced its unicorn
status on Friday in a press statement seen by Finance Magnates.
The startup’s new $150 million raise comes less than a year after it raised $200 million
from a Series C funding round.
This raise from last year is
considered one of the biggest Series C equity financing rounds in Latin America’s history.
According to Stori’s press
statement, BAI Capital contributed a total of $50 million in equity to the new
raise.
On the other hand,
alternative investment firm David Kempner Capital Management, arranged a $100
million debt facility for the startup, Stori said.
Furthermore, Stori listed existing and new investors that participated in the new Series C-2 round
to include Lightspeed Venture Partners, Vision Plus Capital, General Catalyst,
Goodwater Capital, and Tresalia Capital.
Stori said the new raise will
be used to fuel the startup’s growth and expansion beyond credit card offering.
“The company also plans on
expanding its geographic reach across Latin America [by] targeting 100 million
underserved consumers,” Stori said in the statement.
Moreover, the Mexican fintech company said it has built a base of over 1.4 million customers.
The fintech company boasts
of offering every customer the opportunity to get a credit card and grow
their credit history without any intricate paperwork, credit history, or yearly
fee.
“The entire user
experience—from applying for the card to paying bills—is carried out through
the Stori mobile app,” the startup said.
Female Record Breaker
According to Stori, Marlene
Garayzar, the startup’s Co-Founder and Chief Governance Officer, is now
Mexico’s first woman to establish a unicorn tech startup in the North American country.
Commenting on the unicorn
status, Garayzar said the firm believes that everyone should have access to the
opportunities that credit and other financial tools provide.
“This important milestone
could not have been possible without our incredible teams in Mexico, the US,
and Asia, and to all our customers who embraced our brand and product,”
Garayzar noted.
Bin Chen, Stori’s Chief
Executive Officer and Co-Founder, explained that the startup is hoping to drive
credit to access for all Mexicans.
Additionally, Stori wants to make “customers’ lives easier” and also support “economic growth across Latin
America.”
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