- Companies
- Stori
Last Stori valuation
$1.2B
Series C · Jul 2022
Last Stori funding round
$105M
Undisclosed stage · Aug 2024
Cumulative funding Stori raised
$330M
across 7 funding rounds
Key investors in Stori
BAI capital
Lightspeed Venture Partners
Vision Plus Capital
General Catalyst
Goodwater Capital
GIC
About Stori
Stori is a Mexican consumer fintech that issues credit cards and offers deposit accounts, personal loans and merchant card acceptance through a mobile app. It targets the mass-middle and emerging-middle income population that has little or no credit history. The company was founded in 2018 by Bin Chen, Marlene Garayzar and partners, launched its card in January 2020 and says it has served more than 3 million customers. It earns revenue from interest and interchange fees on card spending. Stori raised a US$125 million Series C equity round in November 2021, extended it with US$50 million of equity at a US$1.2 billion valuation in July 2022, and raised US$105 million of equity in August 2024 alongside US$107 million of debt. It bought the licensed deposit-taking entity MasCaja in 2023 to obtain a Sofipo license, and in 2025 announced that it was being absorbed into Savvi Financieros, a licensed Sofipo.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$1.2B (Jul 2022)
Stori Valuation
Stori is currently valued at $1.2B, based on its Series C in July 2022. Read the announcement ↗
The $50M round was led by BAI capital, GIC and GGV Capital, with participation from General Catalyst, Tresalia Capital, Goodwater Capital, Vision Plus Capital, Lightspeed Venture Partners and 1 other investor.
Stori valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2022 | Series C | $1.2B |
Stori Funding History
Stori has raised a total of $330M across 7 funding rounds.
Stori's first fundraising round was a $2M seed round in May 2018. The most recent completed round was a $105M undisclosed-stage round in August 2024.
Stori funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2024 | Undisclosed stage | BAI capital (lead); Notable Capital (lead); General Catalyst; Tresalia Capital; GIC; Goodwater Capital; Lightspeed Venture Partners; Redpoint Ventures China | $105M | - | Stori is a Mexican fintech unicorn founded in 2018-2019, providing credit cards, savings accounts, and digital wallet services to underserved and underbanked consumers in Mexico and Latin America, with a 99% credit card approval rate and over 3 million users as of mid-2024. The company targets democratizing financial access for the middle-mass population, enabling credit history building without traditional requirements like paperwork or annual fees. In August 2024, Stori raised $212 million in a mix of $105 million equity and $107 million debt. The equity portion was led by Notable Capital and BAI Capital, with participation from GIC, General Catalyst, Goodwater Capital, Lightspeed Venture Partners, Tresalia Capital, and ACE Redpoint Ventures (also referred to as Redpoint Ventures China). Debt was provided by Goldman Sachs and Davidson Kempner Capital Management LP. Funds will support product expansion (e.g., potential deposits, personal loans), tech upgrades, scaling existing offerings, team growth, and geographic expansion across Latin America to reach tens of millions more customers. Stori appointed Diego Cabrera Canay, former CFO of dLocal, as group CFO to aid growth. Traction includes 3 million loyal users in 2024 and rapid growth expectations. By H1 2025, Stori achieved sustainable profitability with net income of $1.1 million (21.4 million pesos) and annualized revenue of $300 million, up 80% year-over-year, positioning it for a potential IPO in late 2026. Total funding raised across Series C stages reached about $280-333 million by 2024. |
| Jul 2022 | Series C | BAI capital (lead); GIC (lead); GGV Capital (lead); General Catalyst; Tresalia Capital; Goodwater Capital; Vision Plus Capital; Lightspeed Venture Partners; ZMT Capital | $50M | $1.2B | Stori is a Mexican fintech startup founded in 2018 that provides credit cards and financial services to underserved populations in Mexico, particularly those without bank accounts. The company offers a suite of products including credit cards, deposits, and personal loans, earning revenue through interest and interchange fees from credit card transactions. On July 15, 2022, Stori completed a Series C extension round led by BAI Capital, GIC, and GGV Capital, raising $50 million in equity at a valuation of $1.2 billion, giving the company unicorn status as the second Mexican startup to achieve this milestone that year. The round also included $100 million in debt financing and featured participation from Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, and Tresalia Capital. This valuation represented more than a 25% increase from the company's previous raise in September 2021, driven by strong "20x" revenue growth in 2021 according to CEO Bin Tao Chen, though specific revenue figures were not disclosed. With 3 million users at the time of a later 2024 funding announcement, Stori had raised over $200 million in total equity funding since inception and was positioned as a transformative leader in financial inclusion across Mexico and Latin America. |
| Nov 2021 | Series C | GIC (lead); GGV Capital (lead); General Catalyst; Tresalia Capital; Goodwater Capital; Vision Plus Capital; Lightspeed Venture Partners; BAI capital; Source Code Capital | $125M | - | Stori is a Mexican fintech startup offering credit cards to underserved, mass-middle, and emerging-middle income populations to promote financial inclusion through technology, machine learning, data-driven underwriting, and mobile experiences. The company reported over 2 million credit card applications, growing more than 10x in the prior twelve months. In November 2021, it closed an oversubscribed $125 million Series C equity round co-led by GIC and GGV Capital, with participation from General Catalyst, Goodwater Capital, Tresalia Capital, Lightspeed Venture Partners, Vision Plus Capital, BAI Capital, and Source Code Capital, alongside $75 million in debt from Community Investment Management, totaling $200 million to triple operations, broaden products, expand the team, and invest in Mexico. A subsequent July 2022 Series C extension raised $50 million equity (co-led by BAI Capital, GIC, GGV Capital) plus $100 million debt at a $1.2 billion valuation, representing unicorn status and over 25% increase from the prior raise, attributed to 20x revenue growth in 2021 from interest and interchange fees. Stori faces competition from players like Nubank in Mexico's credit card market and has since expanded to Colombia while achieving profitability milestones by 2025. |
| Feb 2021 | Series B | Lightspeed Venture Partners (lead); Vision Plus Capital; BAI capital; Source Code Capital | $33M | - | Stori is a Mexico-based consumer fintech and digital banking startup founded in 2018 or early 2019, focused on financial inclusion by providing credit cards through a 100% mobile app-based experience to the mass-middle, emerging-middle, and underserved low-income populations in Mexico and Latin America. The company launched its credit card product in January 2020 and reported over 1 million customer applications by early 2021, with monthly new customer growth in January 2021 reaching 14 times January 2020 levels and six times the 2020 monthly average. Stori aims to become Mexico's leading credit card issuer for the rising middle class amid growing e-commerce and app-based services, where cash still dominates 86% of transactions and only 37% of Mexicans over 15 have bank accounts. On February 25, 2021, Stori raised $32.5 million in a Series B funding round led by Lightspeed Venture Partners, with participation from existing investors Vision Plus Capital, BAI Capital, and Source Code Capital, bringing total funding to $50 million. Previously, Stori completed a seed round of $1.5 million in 2018 and a Series A of $15 million in 2020 led by Vision Plus Capital. The funds are intended to support rapid growth, expand business reach, strengthen capabilities, and scale its customer-centric, tech-driven data infrastructure to serve millions more customers and build credit histories. Lightspeed's investment marked its first major bet in Latin America, with partner Mercedes Bent noting more to come, while Vision Plus emphasized Stori's execution in digital fintech models for emerging markets. Co-founder and CEO Bin Chen highlighted partnerships throughout customers' financial journeys, drawing parallels to investors' experience with Affirm, Ant Financial, and Webank. |
| Feb 2020 | Series A | BAI capital (lead); Source Code Capital (lead); Vision Plus Capital; DHVC | $10M | - | Stori announced in February 2020 that it had closed a US$10 million Series A2 round, co-led by Bertelsmann Investments and Source Code Capital with participation from existing investor Vision Plus Capital. The company said it had raised more than US$17 million to date. It planned to use the money to strengthen its big data and artificial intelligence platform and to grow its team ahead of the launch of its credit card. Stori was founded in Mexico City in 2018 to give credit cards to consumers in the mass-middle and emerging-middle income groups who have little or no credit history. It issues cards through a mobile app and earns interest and interchange revenue. It later raised a Series B in 2021, a Series C in 2021 and 2022 and an equity round in 2024, and reports more than three million customers. |
| Feb 2019 | Series A | Cynthia Chen | $6M | - | - |
| May 2018 | Seed | - | $2M | - | Stori raised a seed round of US$1.5 million in 2018, its first outside funding. Chief executive Bin Chen raised the round in the United States after the team had run a credit card minimum viable product in Mexico for a few months. The investors in the round were not named in the coverage. The proceeds funded the build of the app and the credit underwriting models that the company later used to launch its credit card in January 2020. The company was founded in early 2018 in Mexico City to serve consumers who have no credit history and little access to formal credit. It issues cards through a mobile app and earns interest and interchange revenue. The seed round was followed by a Series A2 of US$10 million in February 2020 and a Series B of US$32.5 million in 2021. |
Who has invested in Stori?
14 investors have backed Stori across its funding rounds, including BAI capital, Lightspeed Venture Partners, Vision Plus Capital, General Catalyst, Goodwater Capital and GIC.
Lead investors include BAI capital, Notable Capital, GIC, GGV Capital, Lightspeed Venture Partners and 1 other investor.
Stori Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Feb 2020 | ||
| 4 | Participant | Feb 2020 | ||
| 4 | Lead | Feb 2021 | ||
| 3 | Participant | Nov 2021 | ||
| 3 | Participant | Nov 2021 | ||
| 3 | Lead | Nov 2021 | ||
| 3 | Participant | Nov 2021 | ||
| 3 | Lead | Feb 2020 | ||
| 2 | Lead | Nov 2021 | ||
| 1 | Participant | Feb 2019 | ||
| 1 | Participant | Feb 2020 | ||
| 1 | Participant | Jul 2022 | ||
This data is available for Pro users. Sign up to see all 14 Stori investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Stori
Stori has acquired 1 company to date.
Last acquisition by Stori was on September 7th 2023. Stori acquired MasCaja for undisclosed valuation.
Latest Acquisitions by Stori
| Description | MasCaja is a Mexican Sociedad Financiera Popular, a licensed deposit-taking entity supervised by the National Banking and Securities Commission. Its licence allows it to take savings deposits and offer investment products to retail customers in Mexico. It operates inside the regulatory framework for popular financial companies, which covers capital requirements, deposit protection and reporting to the banking regulator. Stori obtained regulatory approval in September 2023 to take control of the entity so that it could add savings accounts and investment products to its credit card business. The entity is a regulated vehicle whose main value to the buyer lay in its licence. Control of the company passed to a fintech with more than two million customers. |
| HQ Country | |
| HQ City | Mexico City |
| Deal Date | 7 Sep 2023 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Stori acquisitions and their M&A valuation multiples. Start Free Trial | |
Stori Competitors
Stori competitors include listed companies like Green Dot and Klarna, and private ones like DANA, Tamara, Tyme Group and WeBank.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.1B | - | ||
| Private | $360M | $52M | $1B | 2.8x | ||
| Private | $168M | - | $1.5B | 8.9x | ||
| Private | - | - | $941M | - | ||
| Publicly listed | $2.1B | ($12M) | $701M | 0.3x | ||
| Publicly listed | $3.5B | $551M | $5B | 1.3x |
Stori Public Comps
Stori is still privately-owned, but its public comps include Upbound, Aptus Value Housing Finance, Can Fin Homes, SBFC Finance, Atlanticus, Wema Bank, Capricorn Group, Forbright Bank, PicPay and Standard Chartered Bank Kenya.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.7B | $1.7B | 0.6x | 0.6x | 1.6x | 5.3x | |||
| $168M | - | 10.7x | 9.6x | - | - | |||
| $173M | - | 28.9x | 27.0x | - | - | |||
| $172M | $73M | 10.6x | 13.2x | 24.8x | - | |||
| $403M | - | 18.3x | 2.6x | - | - | |||
| $308M | - | 3.1x | - | - | - | |||
| $337M | - | 2.8x | - | - | - | |||
| $325M | - | 2.8x | - | - | - | |||
This data is available for Pro users. Sign up to see all Stori competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Stori
| When was Stori founded? | Stori was founded in 2018. |
| Where is Stori headquartered? | Stori is headquartered in Mexico City, Mexico. |
| Is Stori publicly listed? | No, Stori is a private, VC-backed company. |
| What is Stori's valuation? | Stori was last valued at $1.2B in its Series C in July 2022. |
| How much funding has Stori raised? | Stori has raised $330M across 7 funding rounds. |
| What was Stori's last funding round? | Stori's last funding round was a $105M undisclosed-stage round in August 2024, led by BAI capital and Notable Capital. |
| Who are Stori's investors? | Stori's investors include BAI capital, Vision Plus Capital, Lightspeed Venture Partners, General Catalyst, Tresalia Capital, GIC, Goodwater Capital, Source Code Capital, GGV Capital, Cynthia Chen and 4 others. |
| Which companies are comparable to Stori? | Companies comparable to Stori include DANA, Tamara, Tyme Group, WeBank, Green Dot and Klarna. |
| How many companies has Stori acquired? | Stori has acquired 1 company, including MasCaja. |
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