Mexican fintech Stori to broaden offerings with fresh $212 million funding
By Kylie Madry
MEXICO CITY, Aug 6 (Reuters) -Mexican fintech Stori, which aims its products at the large number of people in the country without bank accounts, will use a fresh $212 million in funding to roll out new products and expand current offerings, it said on Tuesday.
The funding round for the unicorn - a term for a startup with a valuation of more than $1 billion - comes in the form of $105 million in capital and $107 million in debt, Stori said in a release.
The round is the largest announced by a Mexican startup in the past year, according to data compiled by Crunchbase.
Stori offers credit cards with credit limits starting at just 500 pesos ($25.89) and last year rolled out savings accounts with the unusually high yield of 15%.
The firm has also signaled that it hoped to soon offer investment services.
Just over half of the Mexican population uses some sort of financial product such as a bank account, according to the nation's financial watchdog, Condusef.
Startups such as Stori are increasingly vying to capture the untapped market . It faces competition from Brazil's Nubank and Argentina's Uala.
Stori serves more than 3 million clients, it said on Tuesday, while in Mexico Nubank and Uala have recently reported 7 million customers and 1.5 million customers, respectively.
Stori said it will use the new funding "to support the introduction and scale-up of new and existing products, which will allow it to strengthen its leading position in Mexico."
It did not provide more detail.
($1 = 19.3110 Mexican pesos)
Reporting by Kylie Madry; Editing by Leslie Adler
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