Mexican Grupo Financiero Banorte and Rappi, a pan-Latin American retail home delivery service, have formed an alliance to create a platform offering digital financial services in Mexico. The alliance will contribute to the country’s economic recovery by providing impetus to financial services
The new platform will tap into the millions of users that already enjoy Rappi’s services, which is present in Mexico City, Guadalajara, Monterrey and Quéretaro. Rappi also operates in eight other Latin American countries, including Argentina, Brazil and Colombia.
Grupo Financiero Banorte and Rappi will be 50-50 shareholders in the new platform, which will offer a mobile, digital ecosystem for online banking.
“The current situation caused by Covid-9 has obligated millions of people to use digital apps to facilitate daily life, and in this sense Mexicans now need a new way to use banking services, which is more agile and closer to their daily digital experience,” the two companies’ statement said.
“Rappi is the SuperApp that puts everything in reach of your hand and makes you day easier. Financial services are a fundamental part of that everyday life, and this alliance with Banorte will allow us to offer financial services to millions of Mexicans with the magic of Rappi,” Juan Miguel Guerra, head of Rappi Financial México, said.
For his part, Carlos Hank González, president of the board of directors of Grupo Financiero Banorte, said: “Today more than ever it is time to trust in Mexico, to give impetus to the economic recovery and provide Mexicans with more tools to increase their well-being.”
González Calvillo acted as legal advisor to Rappi with a team led by partners José Ignacio Rivero, José Víctor Torres, Luis Mancera and Cristina Massa, assisted by associates Jacinto Ávalos, Gabriel González, Rafael Fuentes, Andrea Cordero, Alfonso García de la Torre, Rosa Coto, Carlos Díaz and of counsel Alberto Pliego and Lucía Fernández.