Banorte bought 44.28% of the shares he shared with Rappi at 50 million dollars, in addition to an exclusivity contract for the bank to market for 15 years the products within the Rappi ecosystem.
“The closure of the operation is subject to usual conditions, including obtaining the authorization of the authority regarding economic competence in Mexico,” said the financial group in a statement.
Banorte said that he now seeks to leverage the business and technological scale in order to increase profitability through cross sale, driven by hyperpersonalization. In 2021, Banorte announced an alliance with Rapicard to offer a credit card to the users of the Rappi platform. Until last year 1.14 million cards were awarded.
