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In Mexico, Story is leading the way in creating a more consumer-friendly credit card market. The company recently raised $32.5 million in a Lightspeed-led Series B, allowing them to rapidly expand the availability of their products to the masses.

This financing round has allowed Stori to become a major player in the rapidly growing Mexican credit card market. In this article, we’ll explore Stori’s place in this market and how the company works to make it easier for consumers to access credit.

Stori raises $32.5M in a Lightspeed-led Series B to build Mexico’s credit card for the masses

Stori is a Mexican fintech unicorn that provides low-cost digital services and financial instruments to the Latino population in Latin America. Founded in 2016, it has become a major Mexican credit card market player with its new product, Stori Card. In May 2021, Stori raised $32.5 million as part of a Series B led by Lightspeed Venture Partners.

The capital influx will

scale their business operations and introduce new products and services to make credit cards available to the masses through reduced fees and improved user experience. In addition, the company has created an easy-to-use mobile app for those without banking access, offering them a secure way to manage their finances on their terms, without relying on traditional lenders or financial institutions.

Stori also utilises advanced technology such as AI and machine learning algorithms to give users quick access to favourable lending rates and tailored advice on budgeting and investing based on their spending patterns or savings goals. With its focus on increasing financial inclusion—an especially pertinent idea during economic uncertainty—Stori will become an even more influential factor in Mexico’s credit card market in the coming years.

Lightspeed’s Investment in Stori

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Mexico-based fintech company Stori recently announced the successful close of its Series B funding round. The $32.5 million raise was led by Lightspeed Venture Partners, with participation from previous investor Solidarity Investments, and follows a $2.2 million seed round in 2018.

This injection of capital is set to help Stori become Mexico’s early-mover in the credit card market, targeting emerging consumers in what is low-credit penetration country — there are currently only 18 million credit cards in circulation for a population of approximately 128 million people; four out every five people have no access to credit whatsoever, according to Zapopan-based Stori’s CEO and cofounder Oscar 10 de Diciembre Cifuentes.

Stori’s core mission is to address this discrepancy between banking access and customer demand and provide fair access to financial services. After launching their first product — an online purchase loan called Otro Crédito (Another Credit) — within three months they had facilitated 30 thousand loans over QR codes, averaging $200 per transaction.

The startup based their product on a “plug’n play strategy” that combines access to data sources for customer qualification processes and web state -of –the-art payments technology setup that links their customer base directly with retailers across Mexico City. Having pioneered mobile onboarding processes combined smaller amounts for purchase loans credit options for those who otherwise would not have access due to lack of collateral or traditional means of applying for credits, the job of actually becoming one of the best issuers lies ahead on the path towards supplying some much needed access points within Mexico’s challenging retail market landscape.

The Mexican Credit Card Market

Only about 6 percent of Mexico’s population has a credit card, leaving it far behind other countries. Stori is a mobile fintech app seeking to fill this gap and become a Mexican credit card market leader. The app just raised $32.5 million in a Lightspeed-led Series B to build Mexico’s credit card for the masses, with focus on its target user group – young, unbanked Mexicans.

Let’s discuss further how the Mexican credit card market is currently structured and how Stori’s Series B could change it.

Overview of the Mexican Credit Card Market

Mexico’s credit card market is growing rapidly and consumers have more opportunities to access new credit cards. According to research from Mexico’s National Banking and Securities Commission (CNBV), approximately 28.8 million Mexicans had a credit card in 2018, an impressive increase from 24.5 million in 2016. This demonstrates the increasing popularity of cards among the population and economic growth.

The Mexican market offers an array of banks, financial institutions, and technology companies that offer credit cards with various reward programs, terms and conditions designed for specific users depending on their needs and preferences. Traditional brick-and-mortar banks provide debit cards with limited functionalities such as cash withdrawals at ATMs or sometimes reimbursement for small purchases abroad. These often have high fees compared to the new digital players emerging in the market – like Stori for example – that instead offer low-interest rates without annual fee as well as other advantages like shopping discounts, virtual debit facility linked to mobile wallets, cashless payments capabilities through QR codes and integration within messaging apps such as WhatsApp.

Newer entrants within the Mexican market can attract customers thanks to technological innovations adapted to this region’s socioeconomic context: they don’t require costly physical infrastructure. In addition, they can acquire users quickly due to their low entry barriers associated with applying through social networks or banking apps. Such innovative companies can therefore serve unbanked or underbanked sections of society by offering access to financial services without legacy systems costs typically found at traditional banks; this is a great opportunity for both providers of services and users alike who benefit from convenience, cost savings and better terms/conditions for their products compared to those offered by traditional entities.

This leads us into Stori’s place in all this – a company which is actively taking advantage of this context to bridge the gap between traditional finance services providers while embracing modernity through its innovative platform that simplifies accesses transactions/financial services quickly yet securely through technological innovations adapted into Mexican society’s needs – making it a key player in Mexico’s credit card market!

Stori’s Position in the Market

Stori, a Mexico-based challenger bank and digital payment platform, announced a Series B funding round led by Lightspeed Venture Partners that raised $32.5 million. Amplo Ventures, Coatue Management, Blue Cloud Ventures, Endeavor Catalyst and other investors also joined the round.

Stori’s primary mission is to democratise access to credit in Mexico. According to Mastercard’s 2019 Global Destination Cities Index, Mexico City is now the fourth-largest credit card market in the world—trailing only New York City, Tokyo and London—and Stori aims to provide an alternative to traditional Mexican banks’ products. The startup’s core

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services target lower-middle class consumers by offering them debit cards with low issuance cost and free debit/ATM transactions cheaper than traditional offline methods like cash payments or wire transfers.

Stori was originally founded as a fintech startup developing mobile solutions for loan origination. After pivoting into the sector of mobile financial services and banking focused on individuals (or solo pymes), Stori evolved into a one-stop shop offering integrated solutions developed specifically for its target segment of millennials and Gen Z users living with limited means without access to basic credit services from traditional banks or retailers.

Stori currently provides digital banking services and a full suite of complementary b2b services like cards issuing operations (BIN sponsorship), merchant onboarding & onboarding support (failure rates optimization + helpdesk). These services have allowed Stori to gain a strong foothold in the Mexican credit card market as a reliable provider of affordable credit solutions for unbanked and underbanked majorities throughout the country who otherwise have very limited borrowing options available due to Mexico’s expansive local regulatory environment.

Stori’s Products and Services

Stori, a financial technology startup, has raised $32.5 million in a Series B round of funding led by Lightspeed. The funds will be used to expand its reach in the Mexican credit card market, offering tailored products and services to consumers.

Stori is focused on creating financial products tailored to user needs, and their mission is to build a credit card for the masses. In addition, they focus on making the credit card experience more accessible and cost-effective.

This article will explore Stori’s products and services and how they are changing the Mexican credit card market.

Stori’s Credit Card

Stori’s credit card is revolutionising the Mexican credit card market by allowing customers to access instant, custom payment plans. Stori’s platform uses data-driven insights to identify how much of an individual’s income should be saved, making them financial aware and saving them money.

In addition, the card allows users to create their payment plans and track their spending in real time, allowing for better budgeting practices.

The Stori Credit Card can also be used for online shopping in Mexico and abroad through local payment gateways. The secure transaction ensures that users’ cards and personal information are protected each time they purchase. Furthermore, customers will have access to tailored rewards as they use their cards more frequently, which rewards loyalty.

By allowing customers more control over their finances while managing their cash flow better, the Stori Credit Card aims to provide access to digital financial services that Mexico’s unbanked population has been excluded from in the past. Through its innovative technology that streamlines the process of getting into debt for those who cannot obtain traditional banking or credit products, Stori seeks to solve financial inclusion issues by making it easier than ever for Mexicans regardless of where they are from or what their income level may be to access credit with just two clicks through its mobile platform or website.

Stori’s Other Products and Services

Story is built on a full suite of products and services that appeal to citizens, banks and merchants alike. In addition to its flagship physical credit card, Stori offers digital debit cards that help citizens manage their funds more effectively. This digital card can be used for everything from making payments and transfers to purchasing items online.

In addition to its credit cards, Stori provides valuable services such as budgeting tools, account management platforms and loan products. These services are specifically designed to empower citizens in Mexico with better control over their finances and increase the usage of digital finance within the country.

Stori also works in collaboration with Mexico’s leading banks including Banorte, Santander and FinComun to further expand its customer base, reach more segments of society, provide tailored financial services and ensure the safety of its users’ funds – all this thanks to their committed involvement in the industry’s compliance requirements.

Stori is dedicated to providing customers with an effortless customer experience by introducing a revolutionary way of banking that allows them access various financial services quickly and easily through robust technology solutions such as mobile banking applications, SMS notifications systems or automated cashback redemption tool so they never pay more than necessary.

This has enabled Stori develop into one of Mexico’s leading financial service providers with multiple payment offerings; from physical credit cards provided by Monex Financial Services Bank partners like BBVA Bancomer, HSBC México SAPI de CV SOFOM ESR, or Inbursa Financial Group; prepaid debit cards through Movie; plus small business loans through a partnership with Oportun Wealth Management Group SAPI de CV SOFOM ENAIS.


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A Mexico-based fintech start-up, Stori has recently raised $32.5M in a Lightspeed-led Series B. This is a strategic move to take a larger place in the Mexican credit card market, currently dominated by banks, local banks, and other traditional players.

In this article, we will analyse Stori’s strategy, its market positioning and the potential implications of this move.

Advantages of Stori’s Products

Stori is a Mexican fintech startup that provides its users banking, credit card, and other financial services. Stori has recently secured $32.5M in a Series B funding round led by Lightspeed Venture Partners and with participation from other investors.

Stori’s products offer various advantages to the users. The company’s primary benefit is the convenience of having one card with all its features instead of carrying multiple cards for different purposes. The cards are also covered by deposit insurance and come with no hidden fees or extra costs associated with their use. Additionally, Stori’s cards are accepted at over 6 million merchants across Mexico, giving them an extensive reach compared to other Mexican credit card providers.

Furthermore, Stori’s customers can manage their finances on digital platforms easily and securely as they can access analytics generated from their spending data such as budgeting or creating automated savings programs. In addition, customers also benefit from rewards campaigns that allow them to accumulate points every time they use their Stori card for purchases which can be used for discounts and cashback offers on participating merchants.

Challenges Facing Stori

While Stori aims to enhance financial inclusion in Mexico and build the credit card of the masses, there are some challenges they must overcome to meet their goals.

Firstly, there is an access issue; Stori needs to create a product accessible and useable by people who may not have previously had access to financial services. To do this, Stori needs to ensure that the credit product is easy and intuitive for everyone and address issues around acceptance. This means developing partnerships with local merchants nationwide and introducing them onto their platform.

Secondly, Mexico poses a problem for cross-border transactions due to restrictive regulations and currency conversion risks associated with international transfers; this could present a challenge for expanding their operations into new territories. To counter this, Stori will need to develop innovative solutions designed specifically for Mexican markets that consider both customer preferences and local legalities.

Finally, another challenge is educating consumers on using financial products. Despite an increasing number of digitally inclined customers within Mexico’s population – such as younger individuals who have grown up with smartphones – there remains a significant digital divide between those familiar with technology and those less so. As such, digital literacy must be considered when designing products sustained by users’ understanding of the system’s workings.