From Vision to 3 Million Cards, Pioneering Financial Inclusion in Mexico

When we first met the Stori team, we were captivated by their mission to democratize credit access in Mexico. They saw an opportunity where others saw risk - a vast underserved market hungry for financial tools – more than 400 million consumers across LatAm. And we invested in the company’s $200M Series C (https://www.dhirubhai.net/pulse/ggv-capital-leads-200m-series-c-stori-bringing-credit-hans-tung/).

Bin Chen and Sherman He spent more than 25 years combined at Mastercard and Capital One, learning how data can be used to serve underserved populations. Marlene Garayzar spent much of her career in debt collection and risk assessment, including with GE Capital, where she saw first-hand the challenges that consumers face. After decades of developing products and directing strategies for massive global credit card companies, Bin and Sherman, who were based in Arlington, VA, close to Capital One’s headquarters, saw the growth potential of Spanish-speaking regions. They?decided on Mexico as their first market, where 85% of consumers lack access to credit cards.

In 2019, they came together to work toward a huge dream: to provide financial inclusion to the more than 400 million people in LatAm who have been neglected or turned away by traditional banking institutions.

Fast-forward to today, and Stori has become a true fintech pioneer. From launching Mexico's most accessible credit card to introducing Stori Cuenta+, a high-yield savings account, co-founders Bin, Sherman, Marlene, Gy, and Nick have consistently broken new ground.

With 3 million cards in Mexico alone, Stori is proving that financial inclusion is good business. The company continues to hit major milestones:

?????? Became Mexico's 1st unicorn co-founded by a woman

?? Secured a coveted Sofipo license, enabling the co to expand its offerings

?? Launched Stori Cuenta+, a high-yield savings account

We're thrilled to see them secure this latest $212M funding round and bring on new CFO Diego Cabrera Canay to help guide their next phase of growth. Diego was previously CFO at dLocal, a LATam fintech that processes payments in 40 countries, which he guided to a successful Nasdaq IPO in 2021. He was also VP of Finance at Mercado Libre, the largest online commerce ecosystem in Latin America with a current market cap of $79 billion.

The Stori team’s commitment to empowering Mexicans – and Latin Americans -- through technology and financial inclusion continues to inspire us.

??Notable for: democratizing credit access across Latin America

Partners since: Fall 2021 when we led the Series C ?

#BeNotable #NotableFounders #Fintech

Read more about the company's $212M round of financing 彭博资讯 : https://bit.ly/3yrm6pw

Cc: Hans Tung