Mexico’s Fintech Stori Secures $212 Million in Equity and Debt Funding

Mexican fintech Stori, targeting the large unbanked population in the country, announced on Tuesday it has secured $212 million in new funding. This capital will be used to introduce new products and expand current offerings.

The funding round, comprising $105 million in equity and $107 million in debt, marks the largest investment announced by a Mexican startup in the past year, according to Crunchbase data. This new investment solidifies Stori’s status as a unicorn, with a valuation exceeding $1 billion.

Stori’s offerings include credit cards with limits starting at just 500 pesos ($25.89) and savings accounts with a high yield of 15%, launched last year. The company also plans to introduce investment services in the near future.

According to Condusef, Mexico’s financial watchdog, just over half of the Mexican population uses some form of financial product, such as a bank account. Stori and other fintech startups, like Brazil’s Nubank and Argentina’s Uala, are vying to capture this untapped market. Stori currently serves over 3 million clients, while Nubank and Uala have reported 7 million and 1.5 million customers in Mexico, respectively.

Stori stated it will use the new funding “to support the introduction and scale-up of new and existing products, which will allow it to strengthen its leading position in Mexico.” Further details were not provided.

($1 = 19.3110 Mexican pesos)