Mexico-based digital bank Stori has secured $200m in series C funding from investors including media group Bertelsmann’s regional corporate venturing vehicle, Bertelsmann Asia Investments (BAI).
Venture capital firm GGV Capital and Singaporean sovereign wealth fund GIC co-led the $125m equity portion of the round, which also featured General Catalyst, Goodwater Capital, Tresalia Capital, Lightspeed Venture Partners, Vision Plus Capital and Source Code Capital.
The transaction included $75m in debt financing from Community Investment Management and came after $50m in earlier funding.
Founded in 2019, Stori has built an online banking platform and associated credit card product for the underbanked population in its home country, where it already has more than 80 million users.
In addition to Mexico, the company also has team members based in the United States and China. It intends to increase its headcount, further develop training and development initiatives and create a sustainable infrastructure that includes diversity, inclusion and social impact.
Lightspeed Venture Partners had led a $32.5m series B round for the company in February this year, investing alongside BAI, Vision Plus Capital and Source Code Capital, taking its overall funding to $50m.
Stori had disclosed a $10m series A2 round the year before co-led by BAI and Source Code Capital. Returning backer Vision Plus Capital filled out the participants in the round, which helped lift its total funding to $17m.
Stori co-founder Marlene Garayzar said: “Our success since launch is a direct result of having a team who is passionate about our mission to empower upward financial mobility for the underserved population. We are incredibly grateful for their hard work and dedication.”
