Stori, the Mexican Unicorn, obtains approval to acquire the Sofipo MasCaja, a licensed deposit entity, to expand its product offering

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Sep 07, 2023, 12:12 ET

With the Sofipo license, the company will expand its capacity to provide inclusive and accessible financial products and services to the Mexican market.
The acquisition is part of Stori's vision to service over 100 million underbanked population in Latin America.

MEXICO CITY, Sept. 7, 2023 /PRNewswire/ -- Stori, the Mexican unicorn dedicated to providing financial services to the underbanked population of Mexico, announced that it has received approval from the National Banking and Securities Commission (CNBV) for the change of ownership control and the acquisition of the Sociedad Financiera Popular (Sofipo) Mascaja, a deposit-taking entity.

Stori receives approval to acquire Sofipo MasCaja

This approval marks a significant milestone in Stori's journey to provide financial inclusion to millions of Mexicans. With the acquisition of a Sofipo, the company will now have the capacity to offer a wide range of new products and services in the Mexican market.

"We are delighted to receive CNBV's approval to acquire a Sofipo. This opportunity will allow us to expand our offering and continue our mission of providing financial inclusion in Mexico. We say 'Yes' to millions of underbanked Mexicans who are traditionally excluded from the banking system," said Marlene Garayzar, co-founder of Stori. "We know that many people in Mexico have been waiting for value-adding and convenient financial services. We are committed to satisfying their unmet needs."

Stori has a track record of strong growth and innovation since its inception. Through its technological platform and customer-centric approach, the company has been able to issue credit cards - with a 99% approval rate - to more than 2 million people in Mexico, majority of whom are first time credit card customers. Stori empowers those customers with easy access to quality financial services and opportunities to establish a credit history.

With the Sofipo license, Stori can now offer other loans, deposits and a host of other products in Mexico. In addition, Stori will be able to diversify and improve its funding sources, leading to accelerated growth. This acquisition is part of Stori's vision to serve more than 100 million underbanked population in Latin America with inclusive and value-adding financial products and services, which in turn promotes economic stability and personal growth.

"We are very excited to usher in a new era of financial opportunities for millions of Mexicans. We are proud to have obtained CNBV's approval and recognize the professional, transparent, and efficient work of the financial regulator's staff," commented Salo Woldenberg, Director of Public Policy.

About Stori

Stori is the Mexican unicorn dedicated to building a digital platform of financial services for millions of underbanked people in Latin America. It currently serves more than 2 million customers.

For more information, please visit: https://storicard.com/en/about-us

SOURCE Stori