Rappi adds to JV loan in Mexico

Rappi adds to JV loan in Mexico

Loans Funds Debt Mexico Colombia Capital Markets Commerce Technology Digital Payments

Colombian delivery app Rappi has borrowed another MXN3 billion ($147 million) from Banorte as part of the financial services joint venture that it formed with the Mexican bank in 2020, according to Mexican law firm Gonzalez Calvillo. The loan, which was signed on March 8, is the second tranche of a "large-scale financing" from Banorte, the law firm said on Thursday. Rappi received MXN1 billion in the first tranche in September last year. Rappi México, the app's local subsidiary, created Tarjetas

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