Mexican fintech Stori has received $32.5m Series B investment to support its growth as a credit card issuer for the rising middle class in the country.
The round was led by Silicon Valley-based Lightspeed Venture Partners. It was joined by currently backers Vision Plus Capital, BAI Capital as well as Source Code Capital.
The fresh capital takes Stori’s funding to date to $50m to date.
Lightspeed partner Mercedes Bent said: “Mexico is the fastest growing e-commerce market in the world. It has one of the top 15 economies in the world. Yet, less than 15% of Mexicans have access to credit cards.
“We’re thrilled to lead Stori’s Series B financing and partner with the team as they continue to expand access to credit cards and build flexible digital financial products for people in Mexico.”
At present, less than 15% of the adult population in Mexico is said to have access to a credit card. Moreover, access of credit cards is mainly limited to high-income customers.
Stori aims to offer access to credit cards to enable consumers make online and in-store transactions, manage emergency cash requirements, as well as build a credit history.
Last year, the firm rolled out its credit card offering with a fully-digital in-app experience.
Stori CEO and co-founder Bin Chen said: “By tailoring global best practices in underwriting, technology and user-friendly design, combined with rapid iterations, we’ve found the right formula to deliver a compelling product and experience to the large underserved population in Mexico.
“Our goal is to become a leading digital bank for the underserved population in the region. The new investment will support our fast growth and will enable us to further strengthen our leading capabilities.”