Grupo Financiero Banorte (Banorte) has finalized the acquisition of the remaining 44.28% stake in Tarjetas del Futuro (TDF), the operating entity behind RappiCard, for US$50 million. The transaction, which gives Banorte 100% ownership of the strategic alliance, received all required regulatory approvals, including authorization from Mexico’s National Antitrust Commission.
The acquisition is accompanied by a 15-year exclusive commercial agreement with Tecnologías Rappi, under which Banorte and TDF will remain the sole providers of financial products and services to users across the Rappi digital platform ecosystem.
Banorte said the transaction is a core component of its broader digital transformation strategy.
“This operation aligns with Banorte’s comprehensive digital strategy, focused on leveraging Banorte’s business and technological scale to increase profitability through cross-selling, driven by hyper-personalization,” the bank said in a filing with the Mexican Stock Exchange (BMV).
The integration is designed to strengthen Banorte’s positioning among digitally native users. “With the integration of the TDF business into Banorte, we will continue offering a broad range of innovative financial products to Rappi’s extensive base of young clients and users, who are highly familiar with technology and navigate the digital environment naturally,” the institution added.
RappiCard was launched in January 2021, following an initial partnership established in June 2020. Since its launch, the product has scaled rapidly in Mexico. According to Banorte’s 2024 annual report, RappiCard ended the year with 1.14 million cardholders and a credit portfolio valued at MXN$5.64 billion.
The full buyout underscores Rappi’s continued retreat from financial services. Last year, the Colombian-based delivery startup informed users of the shutdown of RappiPay and its digital account service, RappiCuenta, in Mexico, while maintaining the credit card offering through its partnership with Banorte.
The acquisition of TDF comes as Banorte reshapes its broader digital banking footprint. Earlier this year, the group announced the sale of Bineo, its standalone digital bank launched in early 2024, to the holding company of Klar.
Bineo’s divestment followed a period of underperformance, during which it accumulated losses exceeding US$50 million and weighed on Banorte’s third-quarter results with an initial impairment charge of MXN$1.307 billion. Despite these challenges, Banorte reported net income of nearly MXN$43 billion in the first nine months of 2025.