Business

Mexican Fintech Stori Secures $200 Million in Financing

Mexico’s main credit-card-led monetary expertise platform, Stori yesterday introduced that the corporate has raised a complete of $200 million in financing. The latest funding spherical contains $125 million value of Sequence C fairness financing and $75 million in debt financing.

The Sequence C fairness spherical was co-led by international VC GGV Capital and growth-stage investor GIC. Alternatively, the corporate acquired debt financing from Neighborhood Funding Administration (CIM).

Via the newest funding, Stori is planning to develop its presence in Mexico. Within the final 8 months, the fintech platform has develop into one of many high new bank card issuers in Mexico.

“Our success since launch is a direct results of having a group who’s enthusiastic about our mission to empower upward monetary mobility for the underserved inhabitants. We’re extremely grateful for his or her exhausting work and dedication,” mentioned Stori co-founder, Marlene Garayzar. “Stori plans to develop its group considerably, doubling down on coaching and improvement alternatives, whereas constructing a sustainable infrastructure throughout all groups that foster numerous pondering and an inclusive tradition.”

Funding

In latest financing, Mexico-based Tresalia Capital made its first fintech funding. Distinguished international enterprise capital companies like Lightspeed Enterprise Companions, Imaginative and prescient Plus Capital, BAI Capital, and Supply Code Capital additionally joined the Sequence C financing. Stori has workplaces within the US, Mexico, and Asia.

“The Stori group is an ideal instance of an skilled group bringing a worldwide mindset to resolve an enormous native problem. Utilizing the ability of expertise to vary the lives of a whole lot of tens of millions of mass-market and middle-income customers, Stori has created a differentiated product that’s well-tuned to serve Mexico’s largest shopper market. We’re thrilled to companion with your entire Stori group as they proceed to develop to serve extra customers throughout the Spanish-speaking world,” Hans Tung, Managing Accomplice, GGV Capital and board member, mentioned.

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