Banorte takes control of RappiCard in Mexico - LatinFinance

Banorte acquires RappiCard in $50M deal

Grupo Financiero Banorte, one of Mexico’s largest banks, signed a $50M agreement to acquire full ownership of the business behind RappiCard. Banorte will acquire 44.28% of the share capital of Tarjetas del Futuro, the joint venture Banorte established with Colombian delivery company Rappi in 2021, to launch RappiCard credit cards. “This transaction aligns with GFNorte’s digital strategy, which aims to boost profitability through cross-selling a…

CDMX.- Financial Group Banorte announced the purchase of 44.28 percent of the shares of Future Cards (TDF), a company that operates RappiCard, the credit card of the Rappi platform. The purchase price agreed between both parties was 50 million dollars. “GFNorth and Technologies Rappi, S.A.P.I. de C.V. concluded a contract for the sale of representative shares of 44.28 percent of TDF’s share capital, which will keep Rappi until the completion of …

Banorte takes control of RappiCard in Mexico - LatinFinance

Mexican bank buys Rappi’s equity stake in the company behind virtual card business The post Banorte takes control of RappiCard in Mexico appeared first on LatinFinance.

Rappi sells part of its credit card business in Mexico: Banorte bought 44.28% of RappiCard. Photo: courtesy RappiPay Grupo Financiero Banorte, under the direction of Carlos Hank González, has reached a significant agreement with Rappi to acquire a 44.28 % stake in Cards of the Future (TDF) in Mexico: the business of RappiCard. The operation, valued at US$50 million, is part of Banorte’s strategy to strengthen its presence in the digital world an…

Financial Group Banorte, led by Carlos Hank González, reached an agreement to acquire 44.28% of Future Cards (TDF), company behind RappiCard, for an amount of 50 million dollars. In a statement sent to the Mexican Stock Exchange (BMV), the financial institution indicated that Rappi will maintain this participation until the completion of the corporate restructuring of TDF, which added 1,14 million card holders at the close of 2024. In addition, …

Financial Group Banorte announced that it bought all the shares of TDF , the company under which Rappicard operates . "Through Banorte Financial Group, its affiliates will continue to offer its wide range of innovative financial products to the broad base of young Rappi customers and users, very familiar with technology and that develop naturally in the digital world," the bank said. Banorte bought 44.28% of the shares that it shared with Rappi …