The funding round for the unicorn — a term for a startup with a valuation of more than $1 billion — is comprised of $105 million in equity and $107 million in debt, Stori said in a statement.
The round is the largest announced by a Mexican startup in the past year, according to data compiled by Crunchbase.
Stori offers credit cards with limits starting at just 500 pesos (about $28.80) and last year launched savings accounts with an unusually high yield of 15%. The company has also said it hopes to offer investment services.
“This capital injection will allow Stori to continue its rapid growth and accelerate its path towards its mission of expanding access to quality financial services,” the firm said in a statement.
According to official figures, around half of the Mexican population is unbanked.
Startups like Stori are increasingly competing to capture the untapped market. Along the way, they face competition from Brazil’s Nubank and Argentina’s Ualá.
Stori serves more than three million customers, the firm said Tuesday, while in Mexico, Nubank has seven million customers and Ualá 1.5 million.
The company said it will use the new funds to support “the introduction and scaling of new and existing products, which will strengthen its leadership position in Mexico.”
