This financing round, led by Notable Capital and BAI, with the participation of new and existing investors, and a new credit facility from Goldman Sachs and Davidson Kempner Capital Management LP, represents one of the largest rounds in Latin America in recent years. years.
The Mexican startup Stori, which offers consumer loans and other financial products and services, announced this Tuesday a new round of equity and debt financing for a total of US$212 million.
This includes US$105 million in capital, an investment led by Notable Capital and BAI, where new and existing investors also participate, including ACE Redpoint Ventures, GIC, General Catalyst, Goodwater, Lightspeed Ventures and Tresalia; and is complemented by $107 million in new debt financing provided by Goldman Sachs and Davidson Kempner Capital Management LP.
The firm highlighted in a statement that this investment represents a higher valuation compared to the unicorn round announced in 2022.
"This injection of capital will allow Stori to continue its rapid growth and accelerate its path towards the mission of expanding access to quality financial services to continue promoting economic stability and development in those people who the traditional market has constantly and in different stages that no. With more than 3 million customers, this financing will support the introduction and scaling of new and existing products, which will allow it to strengthen its leadership position in Mexico," the communication indicates.
“From the beginning, my co-founders and I recognized in Mexico an unfair gap in the traditional financial system, which historically serves only certain sectors of the population. So we embarked on our mission to facilitate access to financing, empowering Mexicans and, in the long term, many more people throughout Latin America. This investment will allow us to continue developing innovative solutions, through technology, that promote inclusion and financial education; Likewise, it is a declaration of confidence in the future of Mexico. We believe in the potential of people and in the vision of the government and regulators to work hand in hand with the private sector and create a favorable environment for investment and innovation. With this, we seek to promote economic prosperity and the empowerment of Mexicans,” said Marlene Garayzar, CGO and co-founder of Stori.
While Hans Tung, CEO of Notable Capital, said: “We are proud to support Stori in its mission to redefine financial access in Mexico and Latin America. “Stori’s visionary approach to developing a comprehensive, comprehensive, multi-product financial application, combined with its strong commitment to financial inclusion, positions it as a transformational leader in the region.”
Additionally, Stori announced the incorporation of Diego Cabrera as its new Chief Financial Officer (CFO). With extensive experience in important companies, for example at DLocal, where as CFO he led its successful initial public offering (IPO); Diego was also VP of Finance at Mercadolibre and Senior Manager at PWC.
MEXICAN UNICORN
In 2020, Stori launched its first credit card product with the commitment to provide financial freedom and peace of mind to those consumers ignored by the traditional banking system.
"As the only credit card in Mexico with a 99% approval rate, it offers an easy experience, accompanied by an educational platform to provide the ability to generate a good credit history," says the fintech in its statement.
In 2022, Stori became the first Mexican unicorn co-founded by a woman.
In October 2023, following the approval of its SOFIPO regulatory license, the company announced Stori Cuenta+, a deposit account that offers market-leading performance, catapulting a transformation in Mexico focused on improving conditions and benefits for savers of all socioeconomic levels.
“This milestone has been made possible by the Stori team, an incredibly dedicated, world-class team that works tirelessly to improve the lives of our users. We look forward to bringing our products and services to tens of millions more customers,” said Bin Chen, CEO & Co-Founder of Stori .
