Farmacias Similares and Stori Launch Credit Card for Mexico's Unbanked Population
Farmacias Similares and technology platform Stori have partnered to launch a credit card aimed at reaching millions of Mexicans excluded from formal financial services.
Mexican pharmacy chain Farmacias Similares and digital financial platform Stori have launched a co-branded credit card designed to serve the country's substantial unbanked population. The initiative targets an estimated 50 million adults who have historically been excluded from formal credit and banking services.
The "Dr. Simi Card by Stori" comes with no annual fee and offers a quick application process with approval in minutes. Cardholders can use it at over 11,000 Farmacias Similares locations across Mexico, as well as at other merchants. Benefits include discounts on initial purchases and rewards within the Farmacias Similares ecosystem.
The launch addresses a significant financial inclusion gap in Mexico. Víctor González Herrera, Executive President of Farmacias Similares, stated that the card provides a necessary tool for accessing goods that would otherwise be out of reach, thereby improving quality of life. Stori Co-founder Marlene Garayzar emphasized the need for financial tools to be practical and accessible in everyday life.
This partnership reflects a growing trend in Latin America where financial technology companies partner with established consumer brands to reach underserved markets. Stori aims to break down barriers to credit access, making financial services more readily available. The company already serves over 5 million customers.
The Dr. Simi card is now available for application through Stori's website. Credit limits will be determined by applicant profiles, and the approval process is designed to be rapid. Farmacias Similares operates an extensive network of pharmacies across Mexico and other Latin American countries.