Stori, a credit card-focused fintech firm based in Mexico, has raised $125 million in an oversubscribed Series C funding round co-led by global venture investor GGV Capital and Singapore sovereign wealth fund GIC.
Silicon Valley-based VC Lightspeed Venture Partners, which invested in the company’s Series A and B rounds, also participated along with Vision Capital Plus, BAI Capital, and Source Code Capital.
New investors General Catalyst, Good Water Capital, and Tresalia Capital also backed the latest funding round, which, according to Stori, is one of the largest Series C equity financing rounds in Latin America to date.
Alongside the equity raise, the firm also secured $75 million in debt financing from Community Investment Management, an American impact-focused debt capital provider.
Launched in 2019, Stori focuses on expanding access to credit cards for mass-middle and emerging-middle income populations in Mexico. The company said more than two million Mexicans have applied for a Stori credit card in the eight months since its Series B in February 2021.
The figure, however, is just a fraction of the over 400 million underserved consumers in Mexico and Latin America, the fintech firm said.
“A lot more will come in our journey to become a top consumer financial franchise in Latin America,” said Stori CEO and co-founder, Bin Chen.
Stori, which has offices in Washington DC, Mexico, and Asia, plans to use the funds it raised to expand its size and broaden its suite of products to address customers’ needs.
Hans Tung, GGV Capital managing partner, said the Stori team is an example of an experienced team bringing a global mindset to solve a huge local challenge.
Using the power of technology to change the lives of hundreds of millions of mass-market and middle-income consumers, Stori has created a differentiated product that is well-tuned to serve Mexico’s largest consumer market,” Tung added.