Stori, a Mexico-based digital banking startup, announced on Tuesday it secured $10 million through its Series A2 funding round, which was co-led by Bertelsmann Investments (BI) and Source Code Capital, with participation from existing investor Vision Plus Capital. Stori has so far raised more than $17 million from investors.
Launched in 2018, Store states it promotes financial inclusion in Mexico by giving underserved customers access to credit.
“We start with credit cards, and grow with our customers by helping them build solid and sucessful personal financial history, and new products as they grow. Stori is 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.”
While sharing more details about the company’s development so far, Stori’s Mexico Co-Founders, Marlene Garayzar and Manuel Medina, explained:
“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.”
Speaking about the investment, William Zhao, Bertelsmann Investments’ Head of Fintech, further commented:
“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. We are also very honored to partner with the very experienced and visionary Stori team.”
Stori added that the investment round’s funds will be used to strengthen its big data and AI platform, grow its talent base, and serve 100,000 customers in Mexico.
