RappiPay, which is the Colombian Banco Davivienda and Rappi’s fintech, has obtained a $112M financing. The financial credit granted to the fintech was provided by Bancolombia, Banco de Bogotá, Davivienda, and Itau.
The fintech allows users to create 100% digital accounts to send and collect money, pay utilities, transfer to other banks, and more. Also, the RappiPay card enables fast and frictionless payments in the physical world.
RappiPay has already delivered over 200,000 cards in Colombia, and 40% of users report that this was their first credit card. These new resources will be used by the company to continue improving financial inclusion in Colombia by expanding its supply of products and services.
Gabriel Migowski, CEO of RappiPay in Colombia, stated the following:
“This credit facility will enable us to continue growing and offer better financial services to more Colombians. This is an important step for us, it shows the market’s confidence in RappiPay and guarantees us the resources to continue fulfilling our promise of value.”