(Bloomberg) -- Mexican financial technology startup Stori said it plans spend $100 million on its expansion into Colombia over the next three years.
Stori, which provides payment cards and high-interest deposit accounts focusing on the underbanked population, will offer credit lines starting at 200,000 pesos ($50) to Colombian users with or without a credit history, the company said Thursday in a statement.
The firm also announced that it appointed Carlos José Ayalde to lead its Colombia venture. Ayalde’s most recent role was as head of payments for Rappi Inc., one of Latin America’s most valuable startups.
Stori has added three million active users in Mexico over the past four years. For around 80% of its cardholders, the company was the first to provide them with a credit card.
Last year, Stori closed a funding round worth $212 million in a mix of equity and debt financing that included Goldman Sachs Group Inc. In 2022, it hit unicorn status with a valuation of $1.2 billion.
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