“Can a digital-first credit card for Mexico's underbanked evolve into the country's dominant full-stack neobank under its own SOFIPO charter?”
Stori launched in 2020 as a credit card issuer targeting Mexico's underbanked majority, originally relying on sponsor relationships with Banca Afirme and Mastercard. After reaching unicorn status in 2022 it pivoted from monoline credit card to full-stack neobank by securing its own SOFIPO license under Stori México S.A. de C.V., enabling proprietary deposits (Stori Cuenta+), investments (Stori Inversión+) and personal loans. The 2024 $212M raise funded this expansion, and 2025 saw it move into merchant acquiring via Stori Tap — positioning Stori as a financial OS for the underserved Mexican consumer ahead of an IPO.
Stori discloses Stori México, S.A. de C.V., Sociedad Financiera Popular (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Stori does not disclose a bank charter of its own; its banking services are provided through Stori México, S.A. de C.V., Sociedad Financiera Popular (in-house).
Stori processes payments through Stori Tap (self-operated SoftPOS).
Stori's lending and capital products are provided by Stori México, S.A. de C.V., S.F.P. (in-house).
The Embedded Finance Index 2026 maps 3 layers in Stori's stack: Payments / PSP (Stori Tap (self-operated SoftPOS)); Banking / BaaS (Stori México, S.A. de C.V., Sociedad Financiera Popular (in-house)); Lending (Stori México, S.A. de C.V., S.F.P. (in-house), Stori Card, Stori Black, Stori Green Líder and 1 other).
Stori is founded in 2018 and headquartered in Mexico City, Mexico.
Stori has raised $666.5M in total (latest round: Debt - III, August 2024 ($107M); valuation: $1.2B (July 2022)).
Get a read on where your own stack stands against Stori and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.