Stori, a Mexican fintech offering cards, loans, and deposit accounts, posted a net income of 21.4 million peso (US$1.1 million) this year through the end of June 2025 and is considering an IPO within two years.

Annualized revenue hit US$300 million, up 80% year-on-year, though the company’s net income was partly boosted by credits from advance tax payments.

Stori, which focuses on underbanked consumers in Mexico, claims 3.7 million users and a 99% approval rate for its credit card.

Excluding tax assets, the company recorded an operating loss of 272 million peso (US$14.6 million) in the first half, but said the deficit narrowed significantly from the previous year.

About 23% of loans were delinquent as of June 2025, and Stori faces competition from Nubank and MercadoLibre.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Stori faces formidable competitors with massive scale advantages

Stori’s 3.7 million users pale in comparison to the established giants targeting the same underbanked market in Mexico.

Nubank already serves 6.6 million customers in Mexico with deposits growing 53% year-over-year, while MercadoLibre’s Mercado Pago boasts between 56-68 million active clients across Latin America12.

MercadoLibre has demonstrated particularly aggressive growth, expanding its payment processing market share in Brazil from 1.5% to 7% since 2018, and growing its credit portfolio by 77% to reach $6-9.3 billion23.

Both competitors have facilitated financial inclusion at enormous scale. MercadoLibre alone has brought 2.5 million previously unbanked individuals into the formal financial system3.

The scale disparity matters because these larger players can spread their customer acquisition costs across much broader user bases, potentially offering more competitive rates and services than smaller competitors like Stori.

2️⃣ Mexico’s untapped banking market creates room for multiple winners despite intense competition

The Mexican market’s structural underbanking creates substantial opportunity even with fierce competition among fintech players.

Less than 50% of Mexico’s population currently has a bank account, leaving tens of millions of potential customers for companies like Stori to serve1.