Mexico-based consumer fintech Stori announced on Thursday it raised $32.5 million through its Series B funding round, which was led by Lightspeed Venture Partners with participation from Vision Plus Capital, BAI Capital, and Source Code Capital. The investment round brings its total funding to $50 million to date.
Founded in 2019, Stori claims to be a leading digital financial service provider in Latin America. The company is currently focused on promoting financial inclusion in Mexico by providing underserved middle- and emerging middle-class customers with access to a credit card.
“We grow with our customers while helping them to build a strong credit history and manage their personal finances. We create and design products to partner with our customers throughout their financial journeys.”
Stori CEO and Co-Founder Bin Chen, spoke about the company’s development by stating:
“Our goal is to become a leading digital bank for the underserved population in the region. The new investment will support our fast growth and will enable us to further strengthen our leading capabilities. In addition, we are benefitting from our investors’ extensive experience building category-defining fintechs like Affirm, Ant Financial and Webank.”
Stori went on to reveal that the investment round’s funds will be used to support its growth and help achieve its key goal of becoming a top credit card issuer in Mexico. The company added:
“Stori will continue to leverage its customer-centric, tech-driven approach to provide access to digital financial services for millions of new customers. The company has built a scalable data infrastructure with feedback loops and iterations that are constantly accelerating to set the company ahead.”