Image credits: Andrew Seaman
News Article

RappiContigo: Banorte and Rappi’s New Alliance

By Sofía Hanna | Wed, 01/20/2021 - 10:55

Rappi, a Colombian delivery platform and Banorte, a Mexican financial and banking institution, are releasing a credit program for restaurants that were affected by the pandemic. The project is called "RappiContigo" and has the goal to address the current problems facing Mexican restauranteurs.

Rappi and Banorte decided to release their credit program with MX$250 million (US$12.7 million) available in credit for Mexican restaurants. "This program seeks to benefit thousands of businesses with credits to continue their operation and thus prevent them from closing their doors permanently," the official release from both companies states. Forbes mentions that companies can start applying on Jan. 25th for credits up to MX$1 million (US$ 50,841), without an opening commission and with preferential payment conditions.

The managing directors from both companies made statements regarding the importance of supporting businesses. “(Through support programs) it is more likely for these groups to flourish once again, protecting job sources and delighting customers," said Juan Miguel Guerra, RappiPay México's Managing Director, according to the official release.

“Rappi is the SuperApp that puts everything at your fingertips and makes your day easier. Financial services are a fundamental part of that day to day. This alliance with Banorte, the strongest and most important Mexican bank, will allow us to offer millions of Mexicans financial services through Rappi’s magic," said Guerra.

During the pandemic, Rappi has been one of the strongest platforms. The company even had the opportunity to expand to Tampico, Ciudad Obregon and Ensenada. It also launched Rappi Farmacias and the delivery of rapid and PCR tests to diagnose COVID-19. Given restaurants represent a big part of Rappi’s business, this alliance could be a significant element in the company’s portfolio, according to a previous MBN article.

After being in quarantine for 10 months, restaurants in Mexico City and the state of Mexico have been asking authorities to help their businesses. As a result, the Mexican government decided that restaurants may open with stringent restrictions even though there is a "red-light" situation. However, many restaurants have already taken an economic hit, which limits their operations partly, if not completely, as previously mentioned in an MBN article. A trend that has been spreading since is the hashtag #AbrimosoMorimos (We Open or Die) in an attempt to make the restaurant sector an essential activity.

The data used in this article was sourced from:  
MBN, Forbes, Banorte
Photo by:   Andrew Seaman, Unsplash
Sofía Hanna Sofía Hanna Junior Journalist and Industry Analyst