Rappi receives authorization to operate as a bank in Colombia

“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 one electronic deposit accountas 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.

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The Colombian multinational company 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 a $1 billion investment from SoftBank, operates in more than 250 cities in nine Latin American countries.

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

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