Mexico’s Stori Eyes IPO by 2027 With Trend Toward Profits (1)

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 ...