Stori, the most recent Mexican unicorn, has received an additional $50M credit line from Community Investment Management and reached the important milestone of 2 million credit card customers
Stori, the Mexican fintech unicorn, has received an additional $50 million credit line from impact-focused, debt capital provider Community Investment Management (“CIM”) and has achieved an important milestone by reaching 2 million credit card customers. The company, which is focused on driving financial inclusion in Latin America, announced today.
“We are thrilled to have reached 2 million customers and to be making such a positive impact on financial inclusion in Mexico. This number carries so much weight for us because many of our customers have never been granted credit before,” said Bin Chen, CEO and Co-founder of Stori. “And this significant new credit line from our partner, CIM, gives us more dry powder to deliver on our mission to democratize access to financial products and services for the underbanked population in Latin America.”
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Stori’s credit card stands out for its user-centric approach with a 99% approval rate and no-fee accounts. Stori is unique in that so many of its customers are being granted formal credit for the first time. In addition, the company’s commitment to financial education and supporting customers’ financial health has helped it build a loyal and growing customer base.
CIM has provided Stori this additional $50 million in debt financing to serve more customers. This is the second debt facility that CIM is providing to Stori and both parties are excited to deepen their strong partnership.
“We are very proud of our partnership with Stori, one of the most innovative and fast-growing companies in the fintech sector in Mexico,” said Jacob Haar, Managing Partner of CIM. “Stori is transforming financial services for underserved consumers in the country, and we are delighted to continue supporting their growth and success.”
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Another top investor agrees that Stori’s innovative approach to financial inclusion sets it apart from traditional banks. “Stori is solving an important problem not only in Mexico, but throughout Latin America: financial inclusion. By leveraging technology, data, financial education, customer focus, and financial discipline, they have managed to solve key challenges beyond expectations to achieve its mission ” said Mercedes Bent, a partner at the venture capital firm Lightspeed Venture Partners.
Stori’s achievement of reaching 2 million users is significant, considering that according to the National Survey of Financial Inclusion (ENIF) in 2021, only 10.5% of the Mexican population aged between 18 and 70 have a credit card. By providing credit to previously underserved populations, Stori is playing a key role in driving economic growth and prosperity in the region.
According to Marlene Garayzar, co-founder and Chief Governance Officer of Stori, “there is still a lot to be done so that the entire population has access to financial opportunities. We look forward to offering more and more customers products and solutions in the future.”
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