Stori plans to expand its product suite and workforce. Here are the top-line bullets you need to know.
Stori, a Mexican credit card technology platform, has raised $125M in a Series C round. The round drew participation from Lightspeed Venture Partners, General Catalyst, GGV Capital, and Goodwater Capital, among others. It secured an additional $75M in debt financing from Community Investment Manager.
How’s the company performing?
- Mexico City-based Stori offers credit cards to middle income Mexican consumers.
- More than 2M people have applied for a Stori credit card to date. The company has become the top issuer of new credit cards in Mexico.
- As of February 2021, Stori had roughly 80 employees across its offices in Mexico, the US, and China.
Why does the market matter?
- The global digital lending platform market is projected to grow at a CAGR of 18.13% and reach a value of $27.1B by 2028, according to Verified Market Research.
- Covid-19 has accelerated the adoption of contactless payment services across sectors.
- BFSI firms are opting to digitize lending and banking facilities in order to meet the growing needs of consumers in the digital age. Notably, around 1.9B customers worldwide use online banking services, according to a report by Insider Intelligence.