As reported today by TechCrunch, Stori became the new Mexican unicorn after surpassing the US$1 billion valuation barrier in a Series C extension. The round raised US$50 million in equity and US$100 million in debt. The raising was co-led by BAI Capital, GIC, and GGV Capital and had participation from Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, and Tresalia Capital.
The startup was founded in 2018 by Mexicans Marlene Garayzar, Manuel Medina (who left in 2021), and a group of entrepreneurs from China and the US. Most of the founding team with experience working in traditional banking.
In 2020 they launched their main product in Mexico, a digital credit card for which no annuity is paid and is processed online “in minutes” from a mobile phone. It is aimed mainly at the unbanked population, representing a very high percentage in Mexico and LatAm.
According to the company’s numbers, its product already has more than one million users in Mexico. Following the raising of capital, the company said it planned to use these resources for new hires and to expand in the region.
Main image: Stori.