Digital bank Stori has raised $10m through a Series A2 funding round to strengthen its Big Data and AI capabilities.
The fundraising was co-led by Bertelsmann Investments (BI) and Source Code Capital.
The round had seen the participation of the bank’s existing investor, Vision Plus Capital.
Since its launch two years ago, Stori has raised over $17m from investors.
Stori CEO Bin said: “In the last two years, we have developed a strong big data and AI-based platform, and built a fantastic Mexico team supported by global talent and resources.
“The stage is set to turbocharge our growth in the platform, people, brand and customer base, making a big impact on financial inclusion.”
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Stori also announced the launch of its credit card with digital features in Mexico.
The launch of the card is aimed at tapping 70 million unbanked and underbanked customers.
The company claimed that around 2,000 credit cards were already activated since its launch.
Some of the features of the card include zero annual fees, no requirement of credit card history, easy application process via the mobile app within minutes, and real-time transaction notification.
Stori’s Mexico co-founders Marlene Garayzar and Manuel Medina said, “From Day One, our mission is to build a leading digital bank in Latin America, starting with Mexico, that drives financial inclusion with technology.
“Mexico boasts a large population of 130 million with higher than US$9,600 per capita GDP, yet only about 15% of consumers have access to the bank provided lending. Our technology and products will enable average Mexicans to access quality banking products and write their own financial story.”