Mexican financial group Banorte has completed its acquisition of the remaining 44.28% stake in RappiCard, the digital credit card venture it operated jointly with Colombian super-app Rappi, for $50 million. Following regulatory approval, Banorte now holds 100% ownership of the entity, which serves approximately 1.14 million cardholders and has been formally renamed Tarjetas del Futuro.
Alongside the ownership consolidation, the two companies have signed a 15-year exclusive agreement under which Banorte will offer financial products within the Rappi ecosystem in Mexico. The long-term pact cements a distribution partnership that gives Banorte privileged access to Rappi's active user base while providing Rappi's customers with a dedicated banking product embedded within its super-app environment.
RAPPICARD REBRANDED AS TARJETAS DEL FUTURO
The operating entity behind RappiCard has been formally renamed Tarjetas del Futuro — Cards of the Future — following completion of the acquisition. The rebrand signals Banorte's full integration of the business into its group structure, reflecting a fresh corporate identity for an entity that was previously a joint venture. The consumer-facing product is expected to continue reaching customers primarily through the Rappi platform under the terms of the exclusive agreement.
The portfolio's approximately 1.14 million cardholders represent a meaningful digital-native customer segment for Banorte, a traditionally branch-based institution that has been accelerating its fintech strategy. RappiCard established itself as one of the more prominent digital credit products in Mexico following its launch, benefiting directly from Rappi's strong penetration among urban, digitally active consumers who conduct a significant share of their daily commercial activity within the super-app environment.
The $50 million price for the remaining 44.28% stake reflects the agreed economics of the deal between Banorte and Rappi, with the full commercial value of the arrangement extending well beyond the headline acquisition price. The 15-year exclusivity embedded in the partnership agreement represents a substantial long-term revenue and distribution commitment, and the two figures together constitute the total economic consideration that Banorte has effectively committed in exchange for full ownership and sole access to Rappi's financial services channel. Banorte has characterised the transaction as a core component of its broader digital strategy as it seeks to deepen its reach among Mexico's growing digital banking population.
BANORTE LOCKS IN RAPPI DISTRIBUTION CHANNEL
The 15-year exclusivity provision is the defining commercial feature of the deal structure. By securing sole rights to distribute financial products through the Rappi platform for a generation, Banorte insulates itself from competing banks or fintechs attempting to displace it as Rappi's preferred financial services partner in Mexico. For Rappi, the arrangement provides a stable, regulated and well-capitalised banking partner capable of meeting the financial needs of its user base without Rappi incurring the capital and compliance costs of operating its own banking licence.
Mexico's fintech and digital banking sector has become increasingly competitive in recent years, with domestic neobanks, international challengers and established banks all vying for the loyalty of digitally sophisticated consumers. Banorte's full ownership of Tarjetas del Futuro, backed by an exclusive long-term partnership with one of Latin America's leading super-apps, provides a structurally differentiated platform from which it can compete for this cohort of customers in the years ahead.