Shein launches its first branded credit card

by | Oct 28, 2024 | E-commerce News

Shein is launching its first branded credit card worldwide through a partnership with Mexican fintech Stori. The Shein Mastercard will offer 250 “Shein welcome points” and double points on all purchases made on Shein Mexico's website, plus points on all purchases outside of Shein, both nationally and internationally.

Shein's choice to debut its first global credit card offering in Mexico underscores its commitment to the Latin American market, where Shein has exploded in popularity in recent years. The company is currently weighing plans to build a plant in Mexico and build out a distribution network in Brazil.

I can confirm Shein's popularity in Latin America. Down here in Ecuador, there's a big business of ordering Shein clothing and reselling it in brick-and-mortar retail stores, or at private house parties (like the old Tupperware parties, but with Shein clothing). 

Stori launched in 2018 with a mission of offering credit card products to underserved communities in Mexico. The company has onboarded more than 3M clients in Mexico in the last four years.

The Shein card will only be available to new Stori clients and not existing ones, according to Stori's website.

Source: https://www.reuters.com/business/retail-consumer/clothing-retailer-shein-launches-credit-card-with-mexican-fintech-stori-2024-10-23/

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