Banorte will acquire 44.28% of the share capital of Tarjetas del Futuro, the joint venture it established with Colombian delivery company Rappi in 2021 to launch RappiCard credit cards. The agreement includes a 15-year commercialisation commitment, during which Banorte will be the exclusive provider of financial products and services to Rappi app users. With the purchase, Banorte will own 100% of the alliance.
Through this acquisition, the bank aims to boost profitability through cross-selling and hyper-personalisation by leveraging technology and scale, aligning with its digital strategy.
Banorte and Rappi formed a partnership in 2020 to launch a financial services company in Mexico, delivering RappiCard in 2021. In 2024, RappiCard accumulated 1.1 million cards and a portfolio of approximately USD 288 million, according to Banorte’s 2024 annual report.
In 2024, Rappi informed its users of the closure of RappiPay, its fintech business. The current sale of its stake in Tarjetas del Futuro marks the company’s further withdrawal from Mexico’s financial business sector. RappiPay was an endeavour delivered through the collaboration between Rappi and Banorte, and a fintech startup from a delivery service. It informed users of the closure of its RappiCuenta digital account in Mexico, but clarified that RappiCard operations will continue.
The acquisition comes as the company is restructuring its digital bank Bieno, which has accumulated over USD 50 million in losses in just over a year. It launched Bieno in January 2024, and aimed to offer savings accounts and personal loans, gaining 2.8 million new clients in the next five years. Although in its initial phase, it offered a debit account and personal loans, the bank now added products such as investments and insurance. However, with the losses, the bank is undergoing a restructuring process and rethinking the value proposition for its 100% digital customers.
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