Mexican fintech company Stori is set to launch in Colombia with a $100 million investment.

The mentioned firm announced its plans to launch in the new market on Thursday, August 29. It is also known that the company intends to invest $100 million in Colombia over the next three years.

Over the past three years, Stori has gained three million customers in Mexico. The company offers clients services such as savings accounts with 15% yields and credit cards with near-total approval rates.

Stori plans to launch its S Card in Colombia next year in September. In this case, customers will be offered credit limits starting at 200,000 Colombian pesos ($48.34), Stori said in a statement released Thursday.

The company aims to sign up 500,000 customers for its card services in its first year of operations in Colombia.

Stori co-founder and chief governance officer Marlene Garayzar says that Colombia has huge potential. It was also noted in the relevant context that the company intends to offer its services in this country to those consumers who do not interact with the traditional banking sector.

In August, Stori managed to raise funding for $212 million. The firm also launched the so-called black card in Mexico, which offers customers 3% cashback on purchases and a credit limit of up to 230,000 Mexican pesos ($11,598).

Stori presented its first credit card in 2020. In the same year, this product of the company was launched. In 2022, the firm achieved unicorn status. It is worth clarifying that this status applies to startups which market capitalization is more than $1 billion.

As we have reported earlier, Citi Invests in Colombian FinTech Supra.