Mexican FinTech Stori on Thursday (Nov. 11) closed a $125 million oversubscribed Series C equity funding round led by venture capital firm GGV Capital and growth-stage investor GIC, paired with a debt raise to fund Stori’s credit card portfolio.
General Catalyst and Goodwater Capital also contributed to Stori’s fundraising efforts, as did Mexico-based Tresalia Capital and previous Series A- and B-round investors Lightspeed Venture Partners, Vision Plus Capital, BAI Capital and Source Code Capital.
Stori also raised $75 million in debt financing from debt capital provider Community Investment Management.
More than two million Mexicans have applied for a Stori credit card, and its user count has grown 10 times in the last year. The company will commit the $200 million it has raised in Mexico to triple its size and expand its product portfolio for underserved consumers.
“Our success since launch is a direct result of having a team who is passionate about our mission to empower upward financial mobility for the underserved population. We are incredibly grateful for their hard work and dedication,” said Stori Co-founder Marlene Garayzar in the company announcement.
Mexico and Latin America have about 400 million underserved consumers, the release noted.
“Our mission — empowering financial inclusion for millions of hard-working people — is amazingly meaningful and challenging at the same time,” said Stori CEO and Co-founder Bin Chen in the company announcement. “We are progressing at an unprecedented pace by combining technology, machine learning, data-driven underwriting and an intuitive mobile-based user experience. A lot more will come in our journey to become a top consumer financial franchise in Latin America.”
Related news: China’s Whale Cloud Teams With Mexico’s Toka FinTech to Develop Payment App
Elsewhere in Mexico, Toka Fintech has joined forces with China-based Whale Cloud, which provides telecommunications software solutions, on a digital payment app with Alipay+ Digital Wallet Solution, which will be designed by Whale Cloud and Ant Group and targeted toward Latin American customers.
The app aims to provide financial inclusion for businesses and customers in Mexico via digitized and personalized services. Toka Fintech belongs to Grupo Toka, a prepaid card company with more than 4.5 million customers.
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