Tech

Rappi wants to operate as a digital bank in Colombia by early 2022, executives say

Guillermo, a deliveryman for the mobile application Rappi, is waiting on the street in Bogotá, Colombia, on November 8, 2021. REUTERS / Nathalia Angarita

November 9, 2021

Nelson Bokanegra

Bogotá (Reuters) -Delivery mobile application Rappi wants to get regulatory approval to operate as a digital bank in Colombia in the first quarter of next year, executives said Monday.

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.

“We want to be a complete bank. We want to be the ideal bank for everyone in the Rappi ecosystem. Not just consumers, individuals, but also Rappi deliverers and businesses. The same is true for corporations, “said Gabriel Migowski, president of Lucky Pierrot Colombia. Reuters in an interview.

“We are primarily focused on creating the best credit card experience, so we can later provide (service) to small businesses operating within Rappi,” he added. rice field.

Rappi already offers several financial services in Colombia, Mexico, Brazil, Peru and Chile. These depend on national regulations, but we do 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 $ 100 million in Rappi Pay. “Both partners are committed to keeping the company as it grows,” says Migowski.

Founded in 2015, Rappi has a $ 1 billion investment from SoftBank Group Corp and operates in nine Latin American countries.

In August, the company raised over $ 500 million in a funding round and raised its valuation to $ 5.25 billion.

The application has approximately 150,000 active delivery personnel.

Last week, Rappi said he hadn’t taken any action yet https://www.reuters.com/technology/delivery-app-rappi-says-no-action-taken-regarding-eventual-ipo-2021-11 -04 Initial public offering after media said co-founders would prepare listing documents in early 2022. Rappi said Juan Pablo Ortega had expressed his own view.

(Report by Nelson Bocanegra, Written by Julia Symmes Cobb, Edited by Karishma Singh)



Rappi wants to operate as a digital bank in Colombia by early 2022, executives say

Source link Rappi wants to operate as a digital bank in Colombia by early 2022, executives say

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