Stori, a Mexican fintech company, has announced its plans to enter the Colombian market with a significant investment of $100 million over the next three years. This expansion comes after the company has already gained 3 million clients in Mexico, offering innovative financial services such as high-yield savings accounts and credit cards with high approval rates.
Stori’s entry into Colombia is aimed at providing financial solutions to those who have been underserved by traditional banks. The company plans to launch its “S Card” in September, offering credit limits starting at 200,000 Colombian pesos ($48.34). Stori aims to sign up 500,000 clients for its card services in the first year.
This expansion is backed by a recent funding round of $212 million, which will support Stori’s growth plans. The company has also launched a “black card” in Mexico, offering cashback rewards and higher credit limits.
Stori’s co-founder and Chief Governance Officer, Marlene Garayzar, highlighted Colombia’s huge potential and the company’s readiness to offer solutions to those who have been excluded from traditional banking services.
This move marks a significant milestone in Stori’s expansion plans, and it will be interesting to see how the company fares in the Colombian market. With its innovative financial services and significant investment, Stori is poised to make a meaningful impact in the region.
Stori’s expansion into Colombia is a significant development in the fintech industry, offering new financial opportunities for those who have been underserved by traditional banks. With its innovative services and significant investment, Stori is well-positioned to make a positive impact in the Colombian market.
