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.

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.

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By GlobalData

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.