Stori Aims to Improve Credit Card Access to Mexicans

Advertiser Disclosure

Last updated on January 31st, 2024

Mexico is the fastest-growing e-commerce market in the world, according to a 2020 study by Pattern, a leading e-commerce consultancy firm. Despite 35% growth year-over-year, however, credit cards and banking are scarce in the United States’ southern neighbor – and only 37% of those over 15 have a bank account.

Stori Hoping to Serve Mexico’s Underbanked Middle Class

Mexico City-based fintech startup Stori hopes to reverse this trend by working on ways to underwrite credit cards to underserved populations throughout Mexico. This goal is now a step closer to completion, thanks to $32.5 million in Series B funding – and a previous $50 million in funding since 2018.

Stori’s goal is to become “Mexico’s leading credit card issuer for the rising middle class.” It features a diverse range of team members with prior experience at Mastercard, Capital One, HSBC, Morgan Stanley, and more.

Stori Clásica Mastercard

Over one million Mexicans have applied for Stori’s credit card – the Stori Clásica Mastercard – since launch, with growth up 14% in January 2021 alone. The company also provides a 100% mobile app-based experience designed to attract Mexico’s growing middle class.

“Consumers in Mexico are increasingly using e-commerce and app-based services like ride-hailing and delivery, and credit cards are the preferred payment methods in those channels,” Bin Chen, one of the founders, said in an interview with TechCrunch. “They’re experiencing more cash flow fluctuation and irregular expenses and need access to flexible credit that can meet short-term needs.”

Similarities with TomoCredit

The company is like another startup, TomoCredit, in the United States. The TomoCredit Card hopes to create a solution for other foreign-born individuals and young adults facing challenges getting approved for credit cards, loans, or other lending products.

That card, designed for recent immigrants and those new to credit, recently raised over $7 million in funding, from names including BAM Ventures, Passport Capital, Ulu Strong Ventures, and Barclays Bank.

Featured photo by Stori

Editorial Disclosure – The opinions expressed on's reviews, articles, and all other content on or relating to the website are solely those of the content’s author(s). These opinions do not reflect those of any card issuer or financial institution, and editorial content on our site has not been reviewed or approved by these entities unless noted otherwise. Further, lists credit card offers that are frequently updated with information believed to be accurate to the best of our team's knowledge. However, please review the information provided directly by the credit card issuer or related financial institution for full details.

About: Cory Santos
Cory Santos

Cory is the senior credit card editor at BestCards, specializing in everything credit card-related. He’s worked extensively with credit cards and other personal finance topics, including nearly five years at BestCards. Cory’s extensive knowledge is an essential part of the BestCards experience, helping readers to live their best financial lives with up-to-date insights and comprehensive coverage of all facets of the credit card space, including market trends, rewards guides, credit advice, and comprehensive credit card reviews.

Advertiser Disclosure

BestCards is an independent, Florida-based credit card comparison platform. Many of the card offers that appear on this site are from companies from which BestCards receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCards does not include all card companies or all card offers available in the marketplace.