LatamList – Grupo Financiero Banorte, a Mexican Bank, and Rappi, a food delivery app, announced a new partnership to launch a financial services company in Mexico. They are awaiting regulatory approval before moving forward.
Banorte previously worked with Rappi to create RappiPay. Overall, the bank has pledged up to $174M (MXN$4B) to the new project, which will be an 18-month-long process.
“Now more than ever is the time to invest in Mexico; to encourage recovery and give Mexicans the tools for a better quality of life,” said Carlos Hank González, President of Grupo Financiero Banorte.
With the partnership with Rappi, Banorte is reaffirming its commitment to the improvement of the Mexican ecosystem and its position as the leader in digital financial services.
“As Mexico’s favorite bank, it is an honor to create this partnership with Rappi and revolutionize our clients’ experiences. We will make financial services as easy as ordering food delivery to your house,” continued González.
The two companies will start working together towards the end of 2020. It is expected they will each take a 50% share in the new company.
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