Colombia's financial watchdog cleared RappiPay, a joint venture between Rappi and bank Banco Davivienda, to operate as a digital bank, the company said. Until now, RappiPay has offered a credit card and an online deposit account, as well as other financial services in Colombia, Mexico, Brazil, Peru, and Chile – depending on local regulations – but without offering the full services of an online bank.
In Colombia, RappiPay already has some 800,000 users and has issued some 200,000 credit cards. RappiPay told Reuters in November 2021 that Rappi and Davivienda had agreed to invest USD 100 million in the financial platform. Rappi, which was founded in 2015 and has received USD 1 billion in investment from Japan's SoftBank, operates in 250 cities across nine countries in Latin America.
In August 2021, Rappi raised a little over USD 500 million in a funding round, taking its value to USD 5.25 billion, Reuters concludes.
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