Shopping Cart

Call us toll free: +1 789 2000

Free worldwide shipping on all orders over $50.00

Mexican fintech Stori hits unicorn status after $150 million round – Reuters

Stori funders Sherman He, Marlene Garayzar, Bin Chen, GY Liu and Nick Chen pose for a photo in Mexico City, Mexico, in this handout distributed to Reuters on July 14, 2022. Stori/Handout via REUTERS
MEXICO CITY, July 15 (Reuters) – Fintech Stori, which lends to many Mexicans who do not have bank accounts, became the second Mexican start-up in 2022 to achieve a valuation of more than $1 billion, giving it "unicorn" status, after a $150 million series C funding round, the company said on Friday.
Stori reached a valuation of $1.2 billion with the round, led by BAI Capital, Singapore's GIC and GGV Capital. Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital and Tresalia Capital also participated.
The fintech, the second to reach unicorn status this year after logistics startup Nowports in May, also raised a round of $100 million of debt. read more
"The funding will be used to reach more users of our credit card product in Mexico and expand our portfolio with financial education services," Marlene Garayzar, Stori's co-founder and first Mexican female leader of a unicorn, told Reuters.
She said credit card penetration in Mexico was about 12% when Stori began studying the market.
The start-up offers loans in a country where only 31% of the population have some type of credit, while most Mexicans with credit cards still tend to use charge cards provided by retailers, according to the country's statistics agency.
"We talked to potential customers to see what they needed and most of them said access to credit, not just a card, since they wanted a way to start building their credit history and get access to credits in the market," she said.
Stori, which provides loans of as little as 500 Mexican pesos ($24), accepts 99% of its applicants, trying to approve card requests within 10 minutes.
Garayzar said the firm, which has more than 1.4 million clients in Mexico, aims to reach 2 million by 2023. It also plans to expand elsewhere in Latin America next year, she said, without specifying which countries.
($1 = 20.8240 Mexican pesos)
Our Standards: The Thomson Reuters Trust Principles.
Voting in the Senate on a bill to boost the U.S. semiconductor industry and improve competitiveness with China could begin as early as Tuesday, Senate Majority Leader Chuck Schumer has been telling lawmakers, a source familiar with the issue said on Thursday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Leave a Reply

Your email address will not be published.

Free Worldwide shipping

On all orders above $50

Easy 30 days returns

30 days money back guarantee

International Warranty

Offered in the country of usage

100% Secure Checkout

PayPal / MasterCard / Visa

×
preloader