Data from Mexico's financial products watchdog Condusef shows that the accounts would be the highest-yielding ones offered in the local financial sector.
Other Latin American fintechs like Brazil's Nubank (NUN.MX) and Argentina's UALA have also launched savings accounts this year in Mexico, where data from the national statistics agency showed less than half of the population has savings accounts.
The Mexican arms of Nubank and UALA both offer 9% yields on their savings accounts, already much higher than most banks.
Stori expects to reach 3 million savings account holders by the end of next year, said its General Manager of New Products Sergio Duenas.
($1 = 18.0044 Mexican pesos)Reporting by Valentine Hilaire; Editing by David Alire Garcia, Christian Plumb and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
Persons:
Marlene Garayzar, Sergio Duenas, Valentine Hilaire, David Alire Garcia, Christian Plumb, Marguerita Choy
Organizations:
MEXICO CITY, Wednesday, Reuters, The Bank of, New, Thomson
Locations:
MEXICO, Mexico, The Bank of Mexico, Nubank