Foreign Ministry, Stori announce $7 billion peso investment to improve financial inclusion in Mexico

Foreign Ministry, Stori announce $7 billion peso investment to improve financial inclusion in Mexico

• Stori will invest 7 billion pesos to improve financial inclusion in Mexico by providing advice, loans and seed money for women entrepreneurs.

During the third Ministerial Conference on Feminist Foreign Policy entitled "Solutions for a better tomorrow," Secretary of Foreign Affairs Alicia Bárcena Ibarra and the co-founder and Chief Governance Officer (CGO) of Stori, Marlene Garayzar, announced today that the Mexican company will make an investment of 7 billion pesos in the fintech sector over the next two years.

Secretary Bárcena and Marlene Garayzar, who was named one of the 100 most influential women in Mexico in 2023 and 2024, highlighted the importance of public-private collaborations and the commitment of both parties to economic growth and financial inclusion in Mexico, especially for vulnerable groups such as women.

In her remarks, the secretary said that financial inclusion, especially for women, is one of the greatest debts of public policy in Mexico. "This vision of inclusion is what is so lacking in finances. Many would like to participate in small- and medium-sized companies, but they don't have the means, because they don't have a financial platform and can't get loans."

Opening a bank account is an indispensable step towards economic independence, enabling people to manage, invest and enjoy the fruits of their labor. Stori is making it easier for Mexicans to gain access to financial instruments and, therefore, to better opportunities.

"Many of those benefited will be women because they are now actively entering the job market with new businesses and proposals," said Secretary Bárcena.

Marlene Garayzar said, "The 7 billion peso investment will be used to improve our financial products, make them more accessible and support local economies. This will include expanding our digital infrastructure, increasing our financial education programs and deepening financial inclusion."

"This investment is aligned with Mexico's feminist foreign policy of promoting women's empowerment in the economic, political, social and cultural spheres. By investing in these neglected areas, we are helping to reduce economic disparities and are supporting gender equality," she said.

Stori was founded in 2018 by Marlene Garayzar; two years later it became a unicorn company that to date has benefited more than three million Mexicans by giving them access to loans and savings.

The Ministry of Foreign Affairs and Stori have collaborated within the Fassst Forum for synergies between startups, the tech sector and government, and the ELLAS Fund for women's economic empowerment.

In June 2022, the Foreign Ministry organized the Fassst forum, which brought together more than 50 companies, including Stori, to discuss issues related to international competitiveness. The forum produced a report that included 42 actions to transform the startup sector.

Stori and the Foreign Ministry are working to include the unicorn company as one of the strategic partners of the ELLAS Fund. The aim is to take advantage of its experience to provide financial advice, loans and seed money to the entrepreneurs participating in the project to help them with the internationalization of their products.

"At the Ministry of Foreign Affairs, we applaud the efforts of partners like Stori, who help reduce the gap between individuals and financial opportunities in Mexico. We are committed to working together in order to multiply these success stories, continue promoting financial education in Mexico and empower groups that traditionally encounter obstacles in accessing financial instruments," said the foreign secretary.

Stori is a fast-growing Mexican unicorn company that provides digital financial services. It is currently focused on expanding access to credit cards and demand deposit accounts for the underserved population in Mexico; it is committed to democratizing its services through innovation and technology.

Stori offers credit cards in Mexico. It has a 99% acceptance rate and more than three million active customers, who can build a credit history with little paperwork and no annual fee.