Mexico-based fintech Stori , which provides services for the country’s unbanked population, has announced a new funding round totalling USD 212 million. This includes USD 105 million in equity and USD 107 million in debt.

This investment is the largest reported by a Mexican startup in the past year, based on Crunchbase data. Stori plans to use these funds to launch new products and expand its current offerings. The company provides credit cards with limits starting at MXN 500 (USD 25.89) and introduced savings accounts with an interest rate of 15% last year.

Additionally, Stori is preparing to offer investment services in the near future. According to Mexico’s financial regulatory authority, Condusef, just over 50% of the population uses some form of financial service. As a result, fintech startups such as Stori are competing to attract this underserved market.

Stori competes with Brazil’s Nubank and Argentina’s Uala, which currently have 7 million and 1.5 million customers, respectively according to Reuters. The same source reveals that Stori currently serves over 3 million clients. The company stated that the new funding will help improve and expand its product range, aiming to solidify its market position in Mexico.

Stori’s rise to unicorn status Stori achieved unicorn status in July 2022 when it raised USD 50 million in equity at a USD 1.2 billion valuation. 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 this new raise, Stori acquired over USD 200 million in equity funding since its inception, back in 2018.

That particular round of cash infusion was used to expand the company’s product offering and cover area across Spanish-speaking countries in Latin America, as well as to increase its employee base. .