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Stori raised new funding to expand access to credit cards via an in-app application, setting its sights on becoming the Ant Group of Mexico.
Stori raises $32.5M in a Lightspeed-led Series B to build Mexico’s credit card for the masses While credit cards are commonplace in the United States, they are far less ubiquitous in many other countries, particularly those in Latin America. In Mexico in particular, cash remains the dominant method of payment, with an estimated 86% of all payments being in the form of cash. But card usage is growing as more people are shopping online than ever before. According to one recent study, Mexico topped the list of the world’s fastest growing e-commerce markets. Meanwhile, only 37% of Mexicans ov...
While credit cards are commonplace in the United States, they are far less ubiquitous in many other countries, particularly those in Latin America. In Mexico in particular, cash remains the dominant method of payment, with an estimated 86% of all payments being in the form of cash. According to one recent study, Mexico topped the list of the world’s fastest growing e-commerce markets.