Story becomes a unicorn: what does it mean?
The ‘unicorn’ companies are those that achieve a valuation of 1,000 (mdd). In the select list there are firms such as Kavak, Bitso, Clara and Konfío.
Stori, which offers credit cards to customers who do not have a credit history, has 1.4 million active users and the bet is to reach 2 million by the end of the year.
With the new injection of money, the company will be able to extend the credit lines of its clients. “Users who have a good payment history will have an increase in their lines of credit and we are exploring reaching an additional country, although the focus is Mexico,” said Marlene Garayzar, CGO of Stori.
Although they have not defined the country to which they plan to expand, Marlene said that they are already analyzing the economies in Latin America to arrive at one with a financial inclusion gap similar to that of Mexico. They also plan to launch a new product on the market.
The financing they provide to their clients ranges from 1,000 to 10,000 pesos and with this new investment they also seek to attract talent to continue their growth in the country. Garayzar even said that the company is hiring staff.
“We are going to continue hiring a lot because we want to grow and in an environment where we are seeing some layoffs we are going to continue growing; we have 100 open positions,” he added.
What is Story?
Stori is a company regulated by the National Banking and Securities Commission (CNBV) under a license of Multiple Purpose Financial Companies (Sofomes). Its first financing plastic was issued in 2020.
It was born with the idea of providing financing to neglected sectors of the population and currently the credit lines of its clients are an average of 3,500 pesos.
The process to give credit cards lasts between 8 and 9 minutes. People declare information such as address, telephone number and monthly income. Be careful, although the company asks you to declare the amount, it does not ask for proof.
The company has its own software to prevent identity theft and fraud prevention.