Mexican digital banking startup Stori has raised $10 million in Series A2 financing, co-led by Bertelsmann Investments (BI) and Source Code Capital, and joined by existing investor Vision Plus Capital.
Aiming to serve the underbanked Mexican marketplace, Stori has raised more than $17 million from investors since its launch in 2018.
The latest capital raise comes as the mobile-only startup issues its first credit card. This new round of financing will be used by the bank to strengthen its big data and AI platform, grow its talent base, and serve 100,000 customers in Mexico.
Stori's Mexico co-founders, Marlene Garayzar and Manuel Medina says a leapfrogging opportunity exists for strong digital bank startups to serve the 70 million unbanked and underbanked consumers, particularly the younger generation.
William Zhao, Bertelsmann Investments' head of fintech, agrees: "We are very excited about Stori because we see the enormous Mexican market opportunity of using fintech technology to expand the financial coverage to millions of Mexican consumers."