Mexican fintech Stori enters Colombian market with $100 million investment

Mexican financial technology company Stori is expanding its operations into the Colombian market with a $100 million investment. Stori, which has already acquired 3 million clients in Mexico over the past four years, offers services such as high-yield savings accounts and credit cards with high approval rates. The company plans to introduce its “S Card” in Colombia in September, with a starting credit limit of 200,000 Colombian pesos ($48.34). Stori aims to attract 500,000 clients for its card services in its first year in the country. Co-founder Marlene Garayzar sees significant potential in Colombia and believes Stori’s solutions can address the needs of the underserved population. Earlier this month, Stori raised $212 million in funding and launched a “black card” offering cash back and a credit limit of up to 230,000 Mexican pesos ($11,598.59).