Mexican fintech Stori enters Colombian market with $100 million investment

MEXICO CITY : Mexican fintech Stori plans to kick off operations in Colombia with a $100 million investment in the South American nation over the next three years, the firm announced on Thursday.
Stori has already scooped up 3 million clients in Mexico in the last four years, offering services such as savings accounts with 15 per cent yields and credit cards with near-total approval rates.
Stori plans to launch its “S Card” in Colombia in September, it said in a statement, with credit limits starting at 200,000 Colombian pesos ($48.34).
The fintech is aiming to sign up 500,000 clients for its card services in its first year in the country, it added.
Colombia “has huge potential,” Stori co-founder and Chief Governance Officer Marlene Garayzar said. “We’re ready to offer our solutions to those who have not been served by the traditional banking sector.”
Earlier this month, Stori raised a $212 million funding round. It also launched a so-called “black card” in Mexico, offering 3 per cent cash back on purchases and a credit limit of up to 230,000 Mexican pesos ($11,598.59).
($1 = 4,137.5000 Colombian pesos)
($1 = 19.8300 Mexican pesos)