Congratulations to Stori on your $125M Series C equity raise led by GGV and GIC!
We led the Series B earlier this year and I’ve been thrilled to see Stori perform incredibly well since we invested. The company has more than 10x’d active credit cards and seen over 2M people apply for a card. They also introduced a new product to allow motivated customers from a broader set of backgrounds to begin their credit journey. Stori continues to be the first onramp into credit cards for many of their users with ~75% owning a card for the first time.
From meeting in person for lunches and office visits in Mexico City and Washington D.C. over the last year, I’ve gotten to see first hand how hard this team works and their relentless focus on bringing credit to the masses.
These global meetings with team members across international lines is part of what is so special about Stori and a key to their success. Like Lightspeed, they are a global team and they have offices in Washington DC, Mexico and Asia. The collaboration of teams across multiple time zones makes them that much stronger. Stori is expanding its team significantly in the coming months with a focus on working with people who are excited to create social impact and to grow professionally. Check out some of their open roles here:
A bit more about this round: the $125M over-subscribed Series C round was co-led by global growth-stage investors GGV and GIC. They were joined with significant investments from consumer tech-focused funds General Catalyst and Goodwater Capital. Mexico-based Tresalia Capital also joined with its first fintech investment. Alongside the equity raise, Stori also raised $75M in debt from impact-focused, debt capital provider Community Investment Management (“CIM”). We at Lightspeed are excited to double down alongside existing co-investors Vision Plus Capital, BAI Capital and Source Code Capital.
As a board member I’m excited to welcome Hans, Madhu, the whole GGV team, Chris & Vinay from GIC and many more to the Stori journey. We (Bin, Marlene, Sherman, GY, Nick and the whole Stori team) are thrilled to be working with you.