Mexico’s Stori Lands $212 Million in Equity and Debt Financing
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Loading... - Faith Tyler
- 07 Aug 2024
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Stori, the innovative Mexican fintech unicorn, has recently secured a substantial $212 million investment, combining equity and debt financing to drive product innovation and expansion. This significant financial boost includes $105 million in equity and $107 million in debt financing, marking a pivotal moment in Stori's growth trajectory.
The equity round was led by California-based Notable Capital and China’s BAI Capital, with notable participation from General Catalyst, Goodwater, Tresalia Capital, GIC, Lightspeed Ventures, and ACE Redpoint Ventures. Meanwhile, the debt financing was spearheaded by Goldman Sachs and Davidson Kempner Capital Management LP, underscoring strong investor confidence in Stori's business model and growth potential.
In an interview with Bloomberg, Marlene Garayzar, Stori’s co-founder and chief governance officer, highlighted the company's strategic plans for the newly acquired funds. The equity portion will be directed towards upgrading technology and expanding the product suite, potentially including new offerings like deposits and personal loans. The debt financing, on the other hand, will be used primarily for lending purposes, reinforcing Stori's commitment to enhancing financial services for its users.
Additionally, Stori has earmarked a portion of this latest financing to support its ambitious expansion plans within Latin America. An announcement regarding the next country of entry is anticipated later this month, signaling Stori’s intent to broaden its footprint in the region.
While specific valuation details from this round were not disclosed, Garayzar revealed that it was achieved at a higher market value than the previous raise in 2022. This previous round saw Stori attain unicorn status with a valuation of $1.2 billion, indicating a strong and growing investor confidence in the fintech's potential and market position.
In summary, the $212 million investment marks a significant milestone for Stori, providing the financial muscle needed to innovate, expand, and solidify its position as a leading fintech player in Latin America.
