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July 18, 2022updated 19 Jul 2022 11:36am

Mexican fintech Stori joins unicorn club with $150m raise

Mexico-based credit card solutions provider Stori, which caters to underserved people, has attained the unicorn status after securing $150m in a new Series C-2 financing round.

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2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
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  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
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The investment, which brought the company’s valuation to $1.2bn, includes $50m in equity funding from BAI Capital, GIC, and GGV Capital.

Current and new investors of the company such as Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, Tresalia Capital and Davidson Kempner Capital Management also joined this fundraising.

Furthermore, Stori received $100m in debt funding from Davidson Kempner.

Stori aims to use the new capital to support the expansion of its team and include new products in its portfolio in addition to its existing credit card offerings.

The fintech also intends to increase its geographic presence across Latin America, with an aim to meet the needs of 100 million underserved consumers.

Stori CEO and co-founder Bin Chen said: “This new round of investment is a significant milestone and takes us one step closer towards our vision of changing the lives of millions who are currently underserved by traditional financial institutions.

“By addressing key pain points of our customers with a simple and mobile-first experience, we hope to play a major role in democratising credit access, making our customers’ lives easier, and supporting economic growth across Latin America.”

Established in 2018, Stori currently serves over 1.4 million people in Mexico. It enables customers to get credit card as well as create their credit history with zero credit history and yearly fees and minimal paperwork.

The customers can complete their transaction, right from applying the card to paying bills, through the Stori mobile app.

Free Whitepaper
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Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
  • Recent Unicorn trends
  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
Enter your details here to receive your free Whitepaper.

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