Rappi receives authorization to operate as a digital bank in Colombia

The delivery app rappi received approval from the financial regulator to operate as a digital bank in Colombia, the company reported.

The authorization of the Financial Superintendence was granted to RappiPaya joint venture that emerged in 2019 between the Colombian delivery application Rappi and the Davivienda Bank.

Now the deposit and savings products will be offered by the financial institution RappiPay on its own platform,” Rappi said in a statement Thursday night.

Until now, the application offered a credit card and an electronic deposit account, as well as other financial services in Colombia, Mexico, Brazil, Peru and Chile that vary depending on the regulations in each country, but they did not have the complete offer of a digital bank.

Rappi specified that, with the entry into operation as a financial entity, RappiPay will generate more than 400 direct jobs.

In Colombia, RappiPay has more than 800,000 users and has generated around 200,000 credit cards.

The president of RappiPay Colombia, Gabriel Migowski, revealed to Reuters last November that Rappi and Davivienda had agreed to invest some 100 million dollars in the financial institution.

Rappi, founded in 2015 and which received an investment of 1,000 million dollars from soft bankoperates in more than 250 cities in nine Latin American countries.

In August last year, Rappi raised just over $500 million in an investment round, taking its valuation to $5.25 billion.

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