Narayan AmmachchiMexican fintech Stori has raised US$50 million in debt funding as part of a larger plan to expand operations into newer markets across Latin America.
The funding round was led by New York City-based debt capital provider Community Investment Management.
“This funding will allow us to invest in our technology, team and marketing efforts to reach even more people,” said Santiago Neyra, CEO and co-founder of Stori.
¡Ya somos 2 millones de storians! 💚💚💚
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🦄Y esto sólo es el inicio de una gran historia. Porque tenemos el compromiso de dar acceso al crédito a todas, todes y todos l@s que buscan una oportunidad de crecimiento.
👉🏽 https://t.co/MiCMl5L0UJ pic.twitter.com/EKtq0ZNqa3— Stori (@Stori_MX) May 31, 2023
Founded in Mexico City in 2019, Stori employs algorithms to assess the creditworthiness of its customers by analyzing their use of mobile phones and their activity on social media.
Its credit cards come with a 0% APR introductory period and no annual fee, as well as perks like cash back and points that may be redeemed for travel products or bill credits.
The fintech claims to have made loans worth more than US$1 billion to over 2 million Mexican consumers.
“Stori is solving an important problem not only in Mexico, but throughout Latin America: financial inclusion,” said investor Mercedes Bent, a partner at the venture capital firm Lightspeed Venture Partners.
“By leveraging technology, data, financial education, customer focus and financial discipline, they have managed to solve key challenges beyond expectations to achieve its mission,” Bent added.
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