Rappi to operate as a digital bank in Colombia by early 2022

Monday 15 November 2021 10:30 CET | News

Delivery mobile application Rappi has planned to get regulatory approval to operate as a digital bank in Colombia in the first quarter of 2022, according to

If approved, the company plans to expand its services as a financial institution through Rappi Pay, a joint venture with the bank Davidienda, which already offers credit cards and electronic accounts. Rappi already offers several financial services in Colombia, Mexico, Brazil, Peru, and Chile. These depend on national regulations, but Rappi does not yet provide full banking services.

In Colombia, RappiPay has approximately 750,000 users and distributes over 120,000 credit cards. Rappi and Davidienda have promised to invest about USD 100 million in Rappi Pay. Founded in 2015, Rappi has a USD 1 billion investment from SoftBank Group and operates in nine Latin American countries.

In July 2021, the company raised over USD 500 million in a funding round and raised its valuation to USD 5.25 billion. The application has approximately 150,000 active delivery personnel.

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Keywords: Rappi, digital banking, online banking, regulation, banking license
Categories: Banking & Fintech
Countries: Latin America
This article is part of category

Banking & Fintech