The fintech's proposal will focus on premium credit cards and is aimed at users with a good credit history who have not received a similar offer from traditional banks.
Stori, a financial company, announced that it is seeking to offer a credit card option that is different from its current offering, focused on users with limited access to financing.
The Mexican unicorn also launched Stori Black, a proposal that they said will focus on premium credit cards and is aimed at those users with a good credit history who have not received a similar offer from traditional banking.
Unlike the firm's traditional offering, this proposal will have cashback, credit lines of up to 230,000 pesos and will eventually provide the possibility of deferring purchases for up to 12 months without interest. Like its current credit offer, the plastic card will have zero annual fees and will be backed by Mastercard.
We are convinced that financial inclusion is a powerful tool that transforms lives and we are working to accelerate it by designing innovative financial products for all those people who have not been served by the traditional banking sector," said Marlene Garayzar, co-founder of Stori.
According to the financial institution, the new offer will have an application process that can be completed through its current application and will take into account the age of majority, as well as requirements of residing in Mexico and having a good credit history.
Richard Farr, vice president of the credit card business unit, mentioned that the creation of this segment was focused on the user, for the acquisition of the card the aim was to streamline the process and reduce its complexity.
"With this, we continue to revolutionize financial inclusion throughout the country. With this card, we make it not just an upgrade, but a blackgrade for our clients' finances," Farr said.
The firm noted that, like the rest of the company's products, it is also supervised by the National Banking and Securities Commission (CNBV), as well as by the National Commission for the Protection and Defense of Users of Financial Services (Condusef).
It is worth noting that Stori acquired Sociedad Financiera Popular (Sofipo) Savvi in October 2023, with the authorization of the CNBV.
In addition, in the first week of August, Stori announced a new round of equity and debt financing totaling $212 million. Of the round, $107 million was in debt, while $105 million in equity, which represented a higher valuation than the round with which they obtained unicorn status, meaning the firm exceeds the value of $1 billion without being listed on the stock exchange.
