RappiPay secures USD 112 mln to boost financial inclusion

Monday 26 September 2022 15:25 CET | News

RappiPay, Colombian Banco Davivienda and Rappi’s fintech has secured USD 112 million financing in a credit to boost financial inclusion in the LATAM country.

The financial credit was granted by Bancolombia, Banco de Bogota, Itau, and the payments’ fintech owner, Davivienda.

Driving financial inclusion

As per the new capital infusion, RappiPay will now allow its users to create 100% digital accounts to perform a series of online banking and payments services, including sending and collecting money, paying utility bills, transferring to other banks, and more. In addition, the RappiPay card enables frictionless and fast payments for in-store shopping.

Part of the funds will also be used to provide financial products and solutions to underbanked and underserved Colombians, boosting the country’s digitalisation programme and driving financial inclusion at the same time. According to RappiPay’s CEO, Gabriel Migowski, the capital infusion shows the market’s support and trust in RappiPay, guaranteeing the necessary resources to continue delivering high-end digital payments solutions to citizens across Colombia.

The news about the fintech’s latest funds comes shortly after it first obtained the license to operate as a bank in Colombia, back in June 2021. Until then, RappiPay was only providing cards and deposit account services, with limited access to further digital products and services.

RappiPay, Colombian Banco Davivenda and Rappi’s fintech has secured USD 112 million financing in a credit to boost financial inclusion in the LATAM country.

About RappiPay

The company is a financial service provider offering near-field communication-based prepaid cards and wallets for consumers across Colombia. After receiving its banking license, RappiPay now offers a full suite of financial services, providing full money control and managing solutions to its users, without requiring any paperwork. 

Through the 100% digital app, RappiPay users can send and collect money, transfer funds to any bank across the country, pay utilities and bills, withdraw cash at any Davivienda ATM in Colombia, and perform other services, all without any costs or commissions. 

RappiPay is partially owned by Rappi, a Colombian technology and on-demand delivery company headquarted in Colombia and with offices in Mexico and Brazil. It currently employs over 15,000 people across LATAM and counts for more than 25,000 delivery agents and 20,000 couriers.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: mobile payments, online platform, mobile banking, bank transfer, online banking, money transfer, product upgrade, funding, financial services, financial inclusion
Categories: Payments & Commerce
Companies: Rappi
Countries: Colombia
This article is part of category

Payments & Commerce


Discover all the Company news on Rappi and other articles related to Rappi in The Paypers News, Reports, and insights on the payments and fintech industry: