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Mexican Fintech Stori Gets $212 Million In Funding
- Written by Andrea Miliani Former Tech News Expert
- Fact-Checked by Justyn Newman Former Lead Cybersecurity Editor
Mexican fintech Stori raised $212 million in funding during a recent round according to a press release published by the company on Tuesday. The Latin American unicorn—with a valuation of over 1 billion— will use the new funds to expand and offer new services to its customers.
According to Reuters , Stori offers customers credit cards with modest credit limits—starting at 500 Mexican pesos or $25.89—, and also savings accounts with a very high yield of 15%.
Just over half of the Mexican citizens rely on financial products like bank accounts according to a study led by the Mexican government agency Condusef.
Stori expects to gain more customers—it currently has 3 million users—to compete against its rivals Mexico Nubank—with over 7 million users— and Uala—with over 1.5 million.
“Since the beginning, my co-founders and I recognized the unfair gap in the traditional financial system in Mexico, which has historically served only certain sectors of the population,” said Marlene Garayzar, CGO and Co-founder of Stori in the press release. “This investment will enable us to continue developing innovative solutions, through technology, that promote financial inclusion and education. It is also a statement of confidence in the future of Mexico.”
As detailed in the document, of the $212 funds raised, $107 million represents new debt financing, provided by Goldman Sachs and Davidson Kempner Capital Management LP, and $105 million in equity led by Notable Capital and BAI.
“We are proud to support Stori in its groundbreaking mission to redefine financial access across Mexico and Latin America. Stori’s visionary approach to developing a comprehensive, finance-led, multi-product app, combined with its unwavering commitment to financial inclusion, positions it as a transformative leader in the region,” said Hans Tung, Managing Director at Notable Capital.
The fintech also announced a new Chief Financial Officer (CFO) Diego Cabrera Canay who previously stood out in roles in Latin American companies like DLocal—as CFO—, and Mercadolibre—as VP of Finance.
Photo by Oberon Copeland @veryinformed.com on Unsplash
Airbnb Announces New Upcoming Services and Luxury Experiences
- Written by Andrea Miliani Former Tech News Expert
- Fact-Checked by Justyn Newman Former Lead Cybersecurity Editor
Airbnb CEO Brian Chesky announced new services and experiences for the platform during Airbnb’s earnings conference call for the second quarter of 2024 this week.
Airbnb will launch a new co-hosting feature in October and will relaunch previous experiences and expand to new services in 2025
“I want Airbnb to be one of the most important companies in our generation,” said Chesky in the call. “This fall, this October, we’re going to be launching a new host service, which is really important. It’s essentially a co-hosting marketplace.”
The new co-hosting experience will allow property owners—who don’t have much free time— to connect with people who have more time for hosting and management but not a property. Airbnb will ideate a way to match these users to increase short-term rentals.
“Then, next year, we’re going to begin to expand Airbnb truly beyond a core business,” shared Chesky in the call. “We’re going to relaunch experiences.”
Chesky explained that the company has learned great lessons from previous experiences and services, and that will reinvent current features like new guest and host services.
According to TechCrunch , just a few days ago, Airbnb told Bloomberg that the company has been considering luxury experiences like massages and personal chefs as part of the customer’s in-home experiences and a strategy to gain leverage against hotels.
Chesky also highlighted the company’s achievements and expansions like a “41% free cash flow margin”—and mentioned that Airbnb is one of the most profitable companies in tech— and has a presence in 220 countries and regions. However, the company also acknowledged a 15% profit fall during this quarter.
