为您分享来自元璟投后企业，墨西哥金融科技独角兽公司Stori的最新消息。
Stori成立于2018年，为拉丁美洲通常被忽视的中低收入人群提供高质量金融服务。Stori首席执行官 Bin Chen 近日表示，今年将实现可持续盈利，公司最快可在2026年底启动IPO。
据彭博社报道，墨西哥金融科技公司Stori首席执行官 Bin Chen 近日表示，公司在今年将实现可持续盈利，在未来24个月内可做好IPO准备。
Stori在墨西哥提供支付卡、个人贷款和高息存款账户，专注于服务未被传统银行充分覆盖的人群，信用卡审批率高达99%，目前已拥有370万用户。截至2024年6月底，Stori实现净收入2,140万比索（约110万美元），年化收入达3亿美元，同比增长80%。公司预计最早可在2026年底启动IPO。
“我们是市场首家实现可持续盈利的普惠金融企业，”首席执行官 Bin Chen 表示，“关键在于既能提供优质产品，又能维持低于行业水平的不良贷款率。”
在墨西哥，现金交易占比超70%，仅三分之一成年人拥有正规信贷。尽管中低收入人群贷款存在风险，但Stori的情况已显著优于市场平均，其经风险调整后的资产回报率年化达到10%。
同时，公司上半年运营亏损较去年收窄约10亿比索， Bin Chen 预计在今年晚些时候可实现运营盈利。过去一年，Stori借助云计算与AI技术，将单客服务成本降低了逾35%。
Stori由 Bin Chen 与创始团队于2018年创立，公司在2021年至2024年的C轮多次融资中募集到2.8亿美元。而IPO一旦实现，这也将打破拉丁美洲初创公司上市的沉寂期，该地区上一次由风险投资支持的初创公司大规模上市是2021年的Nubank。
Stori去年在哥伦比亚启动了业务，Bin Chen 表示，公司目前的重点仍是深耕墨西哥，但同时也在积极评估在哥伦比亚的进一步扩张。
以下为本次报道内容
Mexico’s StoriEyesIPOby2027WithTrendToward Profits
Bloomberg By Maria Clara Cobo and Kelsey Butler
Mexican fintech Stori is betting that it can be ready for an initial public offering in 24 months after reaching sustainable profitability this year Chief Executive Officer Bin Chen said.
Stori posted net income of 21.4 million pesos ($1.1 million) this year through the end of June, partly boosted by credits from advance tax payments. Annualized revenue has reached $300 million, up 80% from a year earlier, Chen said in an interview.
The company offers payment cards, personal loans and high-interest deposit accounts in Mexico with a focus on the underbanked population.
“We are the first in the market to accomplish that sustainable goal to deliver financial inclusion,” Chen said. “It’s not easy. You have to figure out how to serve customers, give them a great product while managing, compared to our industry segment, lower non-performing loans.”
Stori claims to have a 99% approval rate for its credit card as part of its strategy of targeting middle- and low-income consumers. With 3.7 million users now in Mexico, the company expects to be ready for an IPO as soon as the end of 2026.
RoadtoProfitability
In Mexico, only about a third of adults have formal credit and cash is still king among payment methods, with over 70% of adults using it for daily transactions, according to government data.
Targeting the low-income segment inherently comes with risk. About 23% of loans were delinquent as of June. Still, Chen said for that segment Stori is “doing much better than the market average.” The risk-adjusted return on assets — a measure of how much net return a lender generates after accounting for credit losses — stands at 10% on an annualized basis, he said.
Leaving out its tax assets, Stori recorded an operating loss of 272 million pesos in the first half of the year. But that deficit narrowed by about 1 billion pesos from a year earlier, and it’s improving every month, Chen said. He predicted the company will begin recording operating profits later this year.
The company has used cloud computing, along with artificial intelligence in underwriting, customer service and marketing, to cut costs to serve customers by more than 35% over the past year.
The progress comes at a time of intense competition in Mexico’s fintech space. Stori is vying against for the same underbanked consumers as Nubank and MercadoLibre, public companies that are aggressively investing.
“Up to this point, fintechs in Mexico have yet to reach a sustainable level of profitability due to a combination of riskier-than-expected underwriting and operating expenses that remain stubbornly high,” said Gilberto Garcia, head of intelligence at advisory firm Miranda Partners.
Data compiled by Miranda shows competitors Nubank and Klar with delinquent loan ratios of 20.8% and 26.8% respectively in June, highlighting the tough credit environment in the country. It also shows Stori having the healthier loan-to-deposit ratio of the three companies.
IPODearth
Stori was cofounded by Chen and Marlene Garayzar, Sherman He, Nick Chen and GY Liu in 2018. The company raised $280 million in Series C rounds from 2021 to 2024. It last disclosed its valuation of $1.2 billion in 2021. The company isn’t actively preparing another round, Chen said.
An IPO would break a dry spell for startup offerings in Latin America. The last major offering for a VC-backed startup in the region was that of Sao Paulo-based Nubank in 2021, according to CB Insights.
Stori, which last year launched operations in Colombia, is still assessing when to launch a “bigger play” there, Chen said, with the focus remaining on expanding operations in Mexico.
“There will be times when we choose to invest more aggressively in growth,” he said. “If we grow too fast, we might see a temporary dip in profitability for a few months — but we’ll never let that be a big gap.”
（转自：元璟资本）
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