Rappi partners with Mexican bank Banorte

Friday 26 June 2020 11:20 CET | News

Banorte, a Mexico-based bank, has partnered Rappi, an on-demand delivery startup, to launch a financial services company in Mexico. 

Before moving forward, they must first obtain regulatory approval.

According to Contxto, Banorte is interested in the traction Rappi has gained in recent months and its user base. Sources report that with a 141% growth in app downloads in 2019, there are around 5.9 million Rappi users in Mexico.

Banorte has agreed to disperse up to USD 178.6 million within the next 18 months for the project. The document did not however specify the types of financial services the new company will address so we’ll have to wait and see.

While the startup had already offered a transaction service through RappiPay, it wants to delve deeper. And this joint company with Banorte seems to be part of that strategy.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Rappi, partnership, Mexican, banks, Banorte, Mexico, startup
Categories: Banking & Fintech
Countries: Mexico
This article is part of category

Banking & Fintech