Mexican fintech Stori has received $32.5m Series B investment to support its growth as a credit card issuer for the rising middle class in the country.
The round was led by Silicon Valley-based Lightspeed Venture Partners. It was joined by currently backers Vision Plus Capital, BAI Capital as well as Source Code Capital.
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The fresh capital takes Stori’s funding to date to $50m to date.
Lightspeed partner Mercedes Bent said: “Mexico is the fastest growing e-commerce market in the world. It has one of the top 15 economies in the world. Yet, less than 15% of Mexicans have access to credit cards.
“We’re thrilled to lead Stori’s Series B financing and partner with the team as they continue to expand access to credit cards and build flexible digital financial products for people in Mexico.”
At present, less than 15% of the adult population in Mexico is said to have access to a credit card. Moreover, access of credit cards is mainly limited to high-income customers.
Stori aims to offer access to credit cards to enable consumers make online and in-store transactions, manage emergency cash requirements, as well as build a credit history.
Last year, the firm rolled out its credit card offering with a fully-digital in-app experience.
Stori CEO and co-founder Bin Chen said: “By tailoring global best practices in underwriting, technology and user-friendly design, combined with rapid iterations, we’ve found the right formula to deliver a compelling product and experience to the large underserved population in Mexico.
“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.”
Last February, Santander launched Mexico’s first numberless credit card. In the same month, Galileo, the API standard for card issuing based in Salt Lake City, expanded its reach to Mexico.
