The Mexican fintech stories announced on Thursday the acquisition of MasCaja, a financial firm which will grant you a license to expand your product portfolio in a market where many lack access tofinancial services.
Stori, who did not say how much it paid for the acquisition, said it may expand its credit card offering and launch new savings and investment services in the coming months.
“We want to take the next step to promote financial inclusion in Mexico”, Stori co-founder Marlene Garayzar told Reuters.
Stori, which achieved unicorn status last year, already offers credit cards with lines starting at 500 Mexican pesos (US$28), in a country where government data shows that less than 35% of the adult population has formal credit.
Savings accounts follow the same pattern: less than half of the adult population has one.
Earlier this year, Stori said it had reached two million users.
Mexico-based non-bank lenders have come under financial pressure to become banks licensed to lend to clients rather than relying on credit markets.
Other Latin American fintechs have taken steps this year to tap into Mexico’s underserved market, including Argentine unicorn Ualá, which introduced a high-yield savings account in June following its acquisition of Mexico’s ABC Capital bank.
Brazilian lender Nubank saw more than a million people sign up for its savings account just a month after it launched in May. It acquired the same license as Stori at the end of last year.
Source: Reuters
Source: Gestion
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