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MEXICO CITY, June 23 (Reuters) - Mexico’s Grupo Financiero Banorte and Latin American delivery app Rappi have struck a partnership to become co-owners of a new financial services venture in Mexico, the firms said on Tuesday.
Each entity will own half of the new company, subject to regulatory approval, they said in a joint statement.
“This initiative will form a broad digital financial ecosystem, which will coexist with digital mobility services and e-commerce,” the statement said. It did not detail specific services to be offered.
Founded in 2015, Rappi delivers goods ranging from restaurant food and groceries to medication and furniture, and has branched out into basic banking services.
In Mexico, one of Rappi’s core markets, more than half the population is unbanked, and President Andres Manuel Lopez Obrador’s administration has pushed for measures aimed at making financial services more affordable.
Banorte has agreed to invest up to 4 billion pesos ($178 million) in the new entity over the next year and a half, with 3 billion pesos subject to performance metrics, it said in a statement filed with the Mexican stock exchange. ($1 = 22.4450 Mexican pesos) (Reporting by Sharay Angulo, Daina Beth Solomon and Stefanie Eschenbacher; Editing by Frank Jack Daniel and Leslie Adler)