MaKe | Stori Announces New $150 Million Funding Round, Source Code Capital Invested in Series A+, B, and C

源码资本·July 22, 2022·0·6

Delivering a Better Digital Banking Experience for Latin American Users

#MaKe Key Updates from Source Code Capital and MaHui Members

Recently, MaHui member and Mexico's newest unicorn Stori announced the completion of its latest $150 million funding round, bringing the company's valuation to $1.2 billion. Source Code Capital co-led the company's Series A+ round and continued to participate in its Series B and C rounds.

Founded in 2018, Stori is committed to becoming a leading fintech company in Latin America, providing credit cards to underserved populations and helping them build credit histories. Its key features include a simple application process with no credit history required and no annual fees. Users can complete the entire process from credit card application to bill payment through the mobile app. Stori now has over 1.4 million users in Mexico.

"This funding round is an important milestone for Stori. There are still millions of people who don't meet the service thresholds of traditional financial institutions, and we hope Stori can improve their lives," said Bin Chen, co-founder and CEO of Stori. "A fast, mobile-first service experience will address their key pain points. We hope to play a greater role in advancing credit inclusion, making users' lives better, and supporting economic development in Latin America."

Stori's founding traces back to a credit card story from 20 years ago. Born in one of China's poorest regions, Chen completed his graduate studies entirely on an American university scholarship, living on a shoestring budget. At that time, a financial company approved him for a credit card — his only tool for making ends meet. After graduation, Chen joined Capital One, which provides banking services to low-income populations across the United States, where he accumulated extensive experience in credit card operations. He later worked at Boston Consulting Group and Mastercard, collaborating with banks and credit unions in China, South Korea, and the United States to develop suitable products for consumers and small businesses, before ultimately founding Stori.

Source Code Capital has always admired Stori's entrepreneurial spirit. Stori is dedicated to bringing Latin American users a better digital banking experience through superior technology, products, and services. We look forward to the company serving more users and creating greater value amid the wave of technological development in Latin America.