After Southeast Asia became the Red Sea, Fintech began to lead the Latin American venture capital track.

It is learned that the Mexican digital bank startup “Stori” recently completed a US $ 10 million A2 round of financing, led by the Bestaman Investment Fund (BI) and Source Code Capital, and the old shareholder Vision Plus Capital followed suit.

Stori was founded in 2018 and is headquartered in Mexico. It mainly provides credit card products for C-end consumers who are not covered by banking services.

Mexico has a population of nearly 130 million, of which only about 40% have bank accounts, and less than 15% of consumers have access to loans from banks. Most banks have not kept pace with digital transformation, and Unable to enjoy a good customer experience. In stark contrast to this, Mexico ’s per capita GDP is $ 9,600, and the proportion of consumers using smartphones has reached 72% span> , commonly used applications include WhatsApp, Facebook, Uber and Amazon. These conditions have given startups opportunities.

At present, the credit card product launched by Stori already has more than 2,000 users in a few weeks. The product is free of annual fees and does not require users to provide past credit records. Apply online through the app and open it in minutes. Account and apply for card products.

Bin Chen, co-founder of Stori, studied in the United States and worked for Capital One, responsible for credit cards and savings products. The other five co-founders are from Mexico, the United States, and China. Enterprises such as MasterCard, Morgan Stanley, Intel, General Electric Capital, and Procter & Gamble have industry experience in banking, technology, risk management, and marketing.

In addition to products, In the past two years, Stori has also developed a platform based on big data and AI to support business operations. In addition, Stori has also reached strategic cooperation with companies such as MasterCard and will develop more financial inclusive products in the future.

In 2019, the domestic mutual gold market supervision continues to become strict, and going abroad has become a new choice for many mutual gold companies. At the same time, new markets such as Southeast Asia have become the Red Sea, and many people have set their sights on Latin America and Africa. Taking the Latin American region where Stori is located as an example, according to Latin American venture capital insights , Fintech continues to lead the hottest track for Latin American venture capital in 2019, while Nubank, Latin America’s largest digital bank, also started with digital credit cards, growing rapidly from 5 million users in October 2018 to 15 million a year later, of which one-third Two users have traditional credit cards.