RappiPay, Rappi’s Fintech, Receives A US$112 Million Credit Facility

The banks Bancolombia, Banco de Bogotá, Davivienda and Itaú together granted a syndicated loan of US$100 million to RappiPay, the fintech that Rappi has along with Davivienda and which offers Colombians a digital bank account and related products such as debit and credit cards.

According to the Colombian newspaper La República, the loan will be used to include more Colombians in the financial world. Quoted by the newspaper, RappiPay’s CEO, Gabriel Migowski, described this as an important step that “shows the market’s confidence in RappiPay and guarantees us resources to continue fulfilling our promise of value”. 

It was only last June that Rappi obtained authorization to operate as a bank in Colombia. Until then, they had cards and a deposit account, but not the full service of an online bank.