Grupo Financiero Banorte, one of Mexico’s largest banks, signed a $50M agreement to acquire full ownership of the business behind RappiCard. Banorte will acquire 44.28% of the share capital of Tarjetas del Futuro, the joint venture Banorte established with Colombian delivery company Rappi in 2021, to launch RappiCard credit cards.
“This transaction aligns with GFNorte’s digital strategy, which aims to boost profitability through cross-selling and hyper-personalization by leveraging technology and scale,” the bank stated.
The agreement includes a 15-year commercialization commitment. During this period, Banorte will be the exclusive provider of financial products and services to users within the Rappi app ecosystem.
Banorte and Rappi formed their strategic alliance in June 2020 and launched RappiCard in January 2021.
Last year, RappiCard issued 1.1M credit cards and reported a portfolio of $288M, according to Banorte’s 2024 annual report.
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