Banorte purchases Rappicard for $50 million; will have brand exclusivity for 15 years

Grupo Financiero Banorte stated that it had bought all of the shares of TDF, Rappicard’s parent business.

According to a press release, the Mexican bank, led by Carlos Hank González, will purchase 44.28% of the capital stock of Tarjetas del Futuro, a strategic alliance formed with the Colombian delivery company that issued RappiCard cards.

The purchase price agreed between both parties was US$50 million. TDF is a digital financial services platform, whose main product is RappiCard, launched in 2021 and which by the end of 2024 already had more than 1.14 million active cards.

In addition, the Mexican bank and the Colombian startup negotiated a 15-year exclusivity deal, making Banorte the only bank permitted to offer financial products and services through the Rappi app, the delivery platform.

GFNorte said that this acquisition is part of its overall digital strategy, which aims to use technology to boost profitability through cross-selling and personalization of services.

The acquisition is another move in Banorte’s digitalization plan, which has been attempting to enter the neobank game with its own digital bank Bineo, at a time when traditional banks are experiencing more competition from fintechs and digital platforms.