Rappi wants to operate as a bank in Colombia in the first quarter of 2022

The Colombian delivery app Rappi awaits authorization from the authorities to operate as digital bank in the South American country in the first quarter of next year, a senior manager of the company said on Monday.

With the eventual approval, the application plans to expand services as a financial entity within the joint venture that emerged in 2019 between Rappi and the Davivienda Bank under the name of RappiPay on Colombia and with which they offer a credit card and an electronic deposit account.

“We want to be a complete bank, where we will be being the ideal bank for all those who live in the ecosystem of Rappi, not only the natural persons who are the consumers, but also the rappitenderos and the legal persons that are the businesses, “Gabriel Migowski, president of RappiPay Colombia.

“We are really very focused first on creating the best credit card experience and then starting an offer to small and medium businesses that live within Rappi“he added.

Currently Rappi offers some financial services in Colombia, Mexico, Brazil, Peru and Chile that vary depending on the regulations in each country, but it does not have the complete offer of a digital bank.

In colombia RappiPay It has around 750,000 users and has generated more than 120,000 credit cards.

Migowski said that Rappi and Davivienda agreed to an investment of about $ 100 million in RappiPay and “both partners are committed to continuing to fund the company as it grows.”

Rappi, founded in 2015 and received a $ 1 billion investment from SoftBank, operates in more than 250 cities in nine countries of Latin America.

In August Rappi It raised a little more than $ 500 million in an investment round, bringing its valuation to $ 5.25 billion.

The application has about 150,000 active deliverers, to deliver goods and services.

Rappi clarified last week that he has yet to make any decisions for an eventual initial public offering, after the co-founder Juan Pablo Ortega was quoted in press reports stating that the firm would prepare the process in the first half of 2022.

The so-called tech unicorns they are active in the capital markets taking advantage of ample liquidity.

The brazilian company financial technology Nubank, valued at $ 30 billion, filed a request in October for initial public offering of shares (IPO) in United States.



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