Mexican digital banking start-up, Stori, has raised $32.5 million in Series B funding.
The round was led by Lightspeed Venture Partners with participation from Vision Plus Capital, BAI Capital and Source Code Capital.
The company intends to use the funds to continue to expand its business reach.
Co-founded by Juan Villaseñor, Marlene Garayzar, Bin Chen and Camila Burne, Stori aims to empower consumers with access to digital financial services in Latin America and is currently focused on expanding access to credit cards for Mexico’s mass-middle and emerging-middle income populations.
This round brings the company’s total funding to $50 million to-date.
It launched its credit card product in Mexico in January 2020. It claims to have more than 1 million customers apply for a card.
Stori provides credit cards with “a 100% mobile app-based experience” to the rising middle-income population in Mexico.
The team spent its first two years building out the start-up’s infrastructure and platform.
In January 2021, the fintech’s monthly new customer growth was 14 times than what it saw in January 2020 and six times the company’s monthly average for 2020, according to co-founder, Chen.