Mexican Banorte and Rappi announce digital financial services joint venture

Mexican Banorte and Rappi announce digital financial services joint venture

Business

The Mexican Grupo Financiero Banorte and the digital delivery platform Rappi announced the creation of a digital financial services company in which each will have a 50% stake. The alliance, subject to approval by the financial authorities and competition would initially focused on customers Rappi that, according to the companies, currently now need more such digital applications due to the pandemic of the coronavirus .

“This operation is aligned with Banorte’s digital and technological strategy where, in addition to providing digital banking and financial services to its clients, it seeks to be present and gain penetration in the digital financial services sector,” the financial group said in a statement. sent to the Mexican Stock Exchange (BMV).

A spokesperson for the Rappi company later said that the new partnership with Banorte will only operate in Mexico. Rappi, with headquarters in Colombia, has a presence in more than 100 cities in nine Latin American countries. Banorte, for his part, said that he promised to make up to 4,000 million pesos (US $ 178.6 million) available to the new company within 18 months, of which 3,000 million pesos are subject to performance metrics.

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