Mexican digital banking startup Stori has raised $10 million in Series A2 financing. Aiming to serve the underbanked Mexican marketplace, Stori has raised more than $17 million from investors since its launch in 2018.
“We start with credit cards and grow with our customers by helping them build solid and successful personal financial history, and new products as they grow. Stori has powered up the joint experience of our founding partners. We have over 100 years of accumulated experience at Mastercard, Intel, Capital One, Morgan Stanley, GE Money, P&G and Alsea in Mexico and the USA. Thanks to the use of state-of-the-art technology and artificial intelligence, we will overcome the limitations faced by traditional financial products and services to serve our customers in Mexico as they need and deserve.”
The latest capital raise comes as the mobile-only startup issues its first credit card. This new round of financing will be used by the bank to strengthen its big data and AI platform, grow its talent base, and serve 100,000 customers in Mexico.
“Our mission is to build a leading digital bank in Latin America, starting with Mexico, that drives financial inclusion with technology. Our technology and products will enable average Mexicans to access quality banking products and write their own financial story.”
Stori’s Mexico co-founders, Marlene Garayzar and Manuel Medina say a leapfrogging opportunity exists for strong digital bank startups to serve the 70 million unbanked and underbanked consumers, particularly the younger generation.
William Zhao, Bertelsmann Investments’ head of fintech, agrees: “We are very excited about Stori because we see the enormous Mexican market opportunity of using fintech technology to expand the financial coverage to millions of Mexican consumers.”