Recently, ridesharing media reported that Rappi has exited Rappicard JV with Banorte after a fruitful five years.
Offering help to this exit are Nader, Hayaux & Goebel law company. Rappi has exited from its joint venture with Mexico’s Banorte through selling its stake in Rappicard, a local credit card platform. The stake was sold for $50 million.
In October 2021, Rappi has transferred its payment platform to its JV unit with Banorte, part of its partnership with the latter. It aimed to launch a digital credit card across Mexico.
Rappi México coordinated with law firms to transfer its digital banking platform, Rappipay, to Tarjetas del Futuro, which is a joint venture between Rappi and local bank Banorte.
RappiPay is a financial technology company and digital financial services platform that was developed as a joint venture between the Latin American super-app Rappi and Banco Davivienda.
Founded in 2018, RappiPay aims to increase financial inclusion across the continent – mainly in Colombia, Mexico, and Brazil – through offer 100 percent digital banking services directly via the main Rappi app official.
Meanwhile, Tarjetas del Futuro is the operating institution managing RappiCard in Mexico. In April 2025, Banorte acquired 100 percent ownership of Tarjetas del Futuro to control this digital credit card platform fully, which had over 1.14 million users.
Under this acquisition and agreement, there is a 15-year commercialization commitment, during which Banorte will be treated as the exclusive provider of financial products and services to the users of the Rappi app. Banorte owned 100 percent of the alliance.
With this acquisition, the bank makes it their goal to boost profitability through cross-selling and hyperpersonalization, leverage technology and scale, and aligning with their digital strategy.
This acquisition came as the company is restructuring Bieno, a digital bank, which has garnered over $50 million in losses in only over a year.
Rappi is a Latin American super-app taking charge of delivering food, groceries, medicines, and more on demand. Consumers browse local stores, place orders, and track deliveries in real-time.
Meanwhile, independent couriers, known as Rappitenderos, pick up items and deliver them quickly. The Rappi app also offers payments, subscriptions, and express services, making everyday errands faster and more convenient. For more ridesharing and food delivery news, share this story around, and create that account on this Ridesharing Forum site today to join the discussion.