Rappi sells Rappipay México to Tarjetas del Futuro

“The deal was particularly challenging given that it involved the structuring and putting into place of complex acquisition and ancillary documents,” according to Mexican law firm Gonzalez Calvillo, which acted as counsel to Rappi México on the deal.

The transaction consolidates all of Rappi México’s financial business under the umbrella of Tarjetas del Futuro, and marks another milestone in the joint venture between Rappi México and Grupo Banorte.

The two companies launched a JV in January 2020 to become co-owners of a new financial services venture in Mexico, with each entity owning half of the new company.

“This initiative will form a broad digital financial ecosystem, which will coexist with digital mobility services and e-commerce,” the two companies said in a statement at the time.

The deal to sell Rappipay México was valued at 41 million pesos ($2.03 million) and was signed on September 20th, but is subject to several closing conditions including regulatory and corporate governance conditions.

Gonzalez Calvillo’s team was led by lead partner José Ignacio Rivero Andere, with managing associate Jacinto Avalos Capin and associate Rodrigo Poumian González.

Mexican law firm Creel, García-Cuellar, Aiza y Enríquez acted as legal counsel to Banorte, as a party to the joint-venture in Tarjetas del Futuro, with a team led by partner Iker Arriola Peñalosa, with senior associate Gerardo Zimbrón Santamaría.