Stori, which provides credit to Mexicans without bank accounts, reached a valuaiton of $1.2bn after completing a $150m series C funding round.

The funding was led by a number of venture capital firms including BAI Capital, Singapore’s GIC and GGV Capital.

Stori is the ninth Mexican unicorn and the second Mexican fintech to attain unicorn status this year following logistics startup Nowport which reached the milestone in May.

According to Marlene Garayzar, Stori’s co-founder, the funding will be used to promote the company’s credit card products and to launch a financial education service.

"The company also plans on expanding its geographic reach across Latin America [by] targeting 100 million underserved consumers,” added Garayzar.