Rappi hopes to be operating as digital bank in Colombia by early 2022, executive says

BOGOTA : Delivery mobile application Rappi hopes to get regulatory approval to operate as a digital bank in Colombia in the first quarter of next year, an executive said on Monday.

"We want to be a full bank, where we'll be an ideal bank for all those within the Rappi ecosystem - not just individuals who are consumers, but also Rappi delivery workers and legal entities like businesses," RappiPay Colombia president Gabriel Migowski told Reuters in an interview. Rappi already offers some financial services in Colombia, Mexico, Brazil, Peru and Chile, which vary depending on each country's regulations, but does not yet offer full banking services.Rappi and Davivienda have committed to an investment of around US$100 million in RappiPay."Both partners are committed to continuing anchoring the company as it grows," Migowski said.

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