Banorte and Rappi Fined MX$19.9 Million Over Merger Breach

Mexico’s National Antitrust Commission (CNA) has imposed a total fine of MX$19.9 million (US$1.1 million)  on Grupo Financiero Banorte and the technology company Rappi. The sanction follows a determination by the regulator that both entities executed a business concentration without obtaining the mandatory prior authorization required under competition law.

The regulatory action stems from an agreement reached on July 20, 2020. According to the CNA, this operation granted Banorte authority to intervene in the management and business decisions of Rappi’s credit card division. Under Mexican law, such structural integrations must be analyzed and cleared by antitrust authorities before implementation to prevent anti-competitive market conditions.

Regulatory Findings and Legal Obligations

The CNA characterized the prior approval of concentrations as an “essential preventive mechanism” designed to safeguard consumers and market participants. In an official statement, the commission emphasized that the integration of two companies can directly influence pricing, product quality, and consumer choice.

“When two companies concentrate, that decision can change the prices, quality, and options available when acquiring a product or service, and once the operation is executed, its effects can be difficult to reverse,” the CNA stated.

The commission further clarified that compliance with notification requirements is a non-negotiable legal obligation. “This obligation is not optional nor a minor formality; it is a legal duty that applies equally to all companies. By failing to comply, the parties put at risk the consumers and companies that the law seeks to protect,” the regulator added.

The partnership between the financial institution and the delivery platform led to the creation of “Tarjetas del Futuro” (Cards of the Future). Launched in 2021, RappiCard was introduced as a Visa-backed credit card with no annual fees or commissions.

In June 2020, Banorte announced its intention to invest approximately MX$4,000 million (US$231.5 million) over an 18-month period in the venture. The bank said at the time that the alliance would provide access to a “broad base of young users, loyal to digitalization and adaptable to new technologies.”

By August 2024, RappiCard reported a credit portfolio of MX$5,107 million (US$295.6 million). By March 2025, the venture had surpassed 1.1 million issued cards. On April 15, 2025, Banorte reported it had fulfilled all conditions—including CNA authorization—to acquire Rappi’s remaining 44.28% stake in the business for US$50 million, alongside a 15-year exclusivity agreement. However, the current fine pertains specifically to the initial 2020 agreement, which established functional control before the later acquisition.

Corporate Responses and Judicial Recourse

Following the announcement of the fine, a spokesperson for Rappi México stated: “At Rappi, we respect the authorities and the applicable legal framework in Mexico, and we reiterate our commitment to our users, to the Mexican market, and to continuous collaboration with regulatory authorities, always in adherence to current legislation.”

Banorte has not issued an official comment on the sanction. Both companies retain the right to challenge the CNA’s decision before specialized courts.