Stori has planned to prepare for an IPO within 24 months, according to Chief Executive Officer Bin Chen. The target follows the company's achievement of sustainable profitability in 2025.
Stori provides payment cards, personal loans, and high-interest deposit accounts. The company’s officials report having 3.7 million users in Mexico, with a 99% approval rate for its credit card. Stori’s strategy targets middle and low-income consumers in a market where only about one-third of adults have formal credit, and cash remains the primary payment method.
According to Bloomberg, Stori's annualised revenue reached USD 300 million, up 80% year-on-year, though credits from advance tax payments partly optimised the firm’s net income.
The company has reduced its cost to serve customers by more than 35% over the past year, citing the use of cloud computing and artificial intelligence in underwriting, customer service, and marketing.
Mexico’s fintech market has become increasingly competitive, with companies such as Nubank and MercadoLibre also targeting underbanked customers. According to advisory firm Miranda Partners, the two firms mentioned reported delinquent loan ratios of 20.8% and 26.8% as of June 2025. Additionally, Gilberto Garcia, head of intelligence at Miranda Partners, noted that many fintechs in Mexico have struggled to achieve sustainable profitability due to higher credit risk and persistent operating costs.
Stori secured USD 212 million in a funding round in 2024
In August 2023, Stori secured USD 212 million in a funding round. This included USD 105 million in equity and USD 107 million in debt. The company planned to use these funds to launch new products and expand its current offerings.
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 raise, Stori acquired over USD 200 million in equity funding since its inception, back in 2018.
