Mexican FinTech unicorn Stori secures $50m in debt capital
By Delisha Fernandes
Stori, a Mexican FinTech unicorn, announced it has received an additional $50 million credit line from impact-focused debt capital provider Community Investment Management (“CIM”) and achieved a significant milestone by reaching 2 million credit card customers.
“We are thrilled to have reached 2 million customers and to be positively impacting financial inclusion in Mexico. This number carries so much weight for us because many of our customers have never been granted credit before,” said Bin Chen, CEO and Co-founder of Stori. “And this significant new credit line from our partner, CIM, gives us more dry powder to deliver on our mission to democratise access to financial products and services for the underbanked population in Latin America.”
CIM has provided Stori with an additional $50 million in debt financing to serve more customers. This is the second debt facility that CIM provides to Stori, and both parties are excited to deepen their strong partnership.
“We are very proud of our partnership with Stori, one of Mexico’s most innovative and fast-growing companies in the FinTech sector,” said Jacob Haar, Managing Partner of CIM. “Stori is transforming financial services for underserved consumers in the country, and we are delighted to continue supporting their growth and success.”
Another top investor agrees that Stori’s innovative approach to financial inclusion sets it apart from traditional banks. “Stori is solving an important problem not only in Mexico but throughout Latin America: financial inclusion. By leveraging technology, data, financial education, customer focus, and financial discipline, they have managed to solve key challenges beyond expectations to achieve its mission,” said Mercedes Bent, a partner at the venture capital firm Lightspeed Venture Partners.
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