Mexican Fintech Stori Secures $212M to Expand Product Lineup

Stori, a Mexican fintech catering to the unbanked population, has secured $212 million in funding. The round includes $105 million in capital and $107 million in debt, marking the largest Mexican startup funding announced in the past year. The funds will fuel new product rollouts and expansion efforts.

Mexican fintech Stori, which focuses on providing financial services to the unbanked population, announced on Tuesday that it has raised $212 million in fresh funding.

The funding, comprising $105 million in capital and $107 million in debt, makes it the largest funding round announced by a Mexican startup over the past year, according to Crunchbase data. Stori, valued at over $1 billion, now holds unicorn status in the startup world.

With this latest infusion, Stori plans to introduce new products and expand existing offerings, specifically aiming to capture the untapped market in Mexico. The company currently serves more than 3 million customers and aims to strengthen its market position against competitors like Brazil's Nubank and Argentina's Uala.

(With inputs from agencies.)