The company led and co-founded by Marlene Garayzar had operated in Mexico since 2018 under a Multiple Purpose Financial Company (Sofom) license, which allowed it to provide credit but not raise resources from the public.
“What is interesting about this license is that it completes the entire product offering to help people have financial inclusion,” Garayzar said in an interview, during the inauguration of the Amsofipo Convention held in the state of Nayarit.
After a process of almost two years, the company acquired Sofipo MasCaja and will now be able to offer debit cards, savings, investments and payroll products.
The directive said that although they already have the permits to offer these products, they are not immediately available, since they have to work on the adhesion contracts.
Garayzar said that they chose to buy MasCaja because it was a company that matched their vision of financial inclusion: “We found a great family that was behind that license, with values and principles, very motivated to sell because they are interested in the issue of financial inclusion,” he highlighted.
Stori, which has 2.2 million customers, said it simultaneously worked on cybersecurity work to safeguard customer data.
The company has a 99% approval rate for financing ranging from 500 pesos to 10,000 pesos.