Mexico-based startup that offers credit cards to the underserved population, Stori , has raised an additional USD 50 million in equity at a USD 1.2 billion valuation, becoming the country’s latest Unicorn.

The equity round was led by BAI Capital, GIC, and GGV Capital, with the participation of former and new investors, including Lightspeed Venture Partners and Vision Plus Capital. With its latest raise, Stori acquired over USD 200 million in equity funding since its inception, back in 2018. The company launched its credit card product in Mexico in January 2020 and, ever since, has counted for over 1.

4 million customers across the country, although it aims to serve up to 100 million underbanked clients in Latin America. The startup claims that its in-house technology and underwriting allows it to come up with a credit offer for anyone who applies, regardless of their card history, through a paperless, mobile-first onboarding process. The latest round of cash infusion will be used to expand its product offering and cover area, across Spanish-speaking countries in Latin America, as well as to increase its employee base.