MEXICO CITY, July 13 (Reuters) – Mexican pharmacy chain Farmacias Similares and fintech firm Stori launched a co-branded credit card on Monday, targeting the millions of people in Mexico who lack access to the formal financial system.
The launch is the latest effort by financial firms to link credit products with everyday shopping, using a card branded with the pharmacy’s mascot, Dr. Simi, a mustachioed character in a white lab coat who has become a widely recognized cultural icon in Mexico.
• Cardholders will receive a 25% discount on their first purchase and up to 10% monthly discount on purchases at the pharmacy’s physical and online store if the card was used elsewhere during the prior month.
• “We want to tear down the barriers that separate Mexicans from credit and demonstrate that money can also be on the side of the most important thing we have, which is health,” said Marlene Garayzar, co-founder and chief governance officer of Stori.
• Farmacias Similares, known for low-cost generic medicines and its Dr. Simi mascot, has become one of Mexico’s most recognizable retail brands, and operates more than 11,000 stores in Mexico.
• Stori, founded in 2018, has grown rapidly by offering credit products to people with limited or no formal credit history. It currently has 5 million customers.
• In 2024, Stori also partnered with Chinese fast-fashion giant Shein to launch Shein’s first co-branded credit card worldwide, a move aimed at expanding both companies’ reach in the Mexican market.
(Reporting by Natalia Siniawski, Editing by Daina Beth Solomon)
