RappiPay

RappiPay operates as the financial technology arm of the Latin American super-app, Rappi, offering a suite of digital financial services. The venture originated from a strategic alliance between Rappi and Davivienda Bank in 2019, initially launching as a digital payment platform within the Rappi app. This collaboration aimed to merge Rappi's extensive user base and technological agility with Davivienda's financial expertise to increase banking penetration in a traditionally underbanked region.

Led in Colombia by CEO Gabriel Migowski, RappiPay has evolved significantly since its inception. In April 2019, the partnership with Davivienda was established, and after nearly two years of successful operation and accumulating almost a million users, they jointly applied for a financial entity license from the Colombian Financial Superintendence in March 2021. This license was granted, authorizing RappiPay to operate as a financing company, a move that allowed it to expand its portfolio and function as a neobank. The company's business model is centered on providing accessible, fully digital financial products directly through the Rappi application, targeting the broad ecosystem of Rappi users, including consumers, delivery workers, and affiliated businesses.

The core offerings are the RappiCuenta and the RappiCard. The RappiCuenta is a digital savings account that allows users to send money, pay for services, make transfers to other banks, and earn interest on their balances. The RappiCard is a Visa-backed credit card with no annual fee, available in both physical and digital formats. A key security feature of the physical card is the absence of printed numbers, with all details accessible only through the app, which requires biometric or password authentication. The card's primary benefit is its cashback program, offering at least 1% back on all purchases, with higher percentages for purchases within the Rappi app, especially for Rappi Pro Black members. Revenue is generated through transaction fees and interest on credit products. The company also provides a 'Personal Banker' service, offering 24/7 human support via WhatsApp.

RappiPay has pursued a strategy of forming alliances with major local banks across Latin America to launch its card, including Banorte in Mexico, Itaú in Chile and Brazil, and Interbank in Peru. However, some of these partnerships have seen adjustments, such as the conclusion of the alliance with Itaú in Chile for issuing new cards as of late 2024. The company continues to focus on enhancing financial inclusion by providing straightforward and secure digital financial tools to a wide demographic.

Keywords: digital banking, fintech, financial services, RappiPay, RappiCard, neobank, cashback credit card, digital wallet, financial inclusion, Latin America, Colombia, Davivienda, Gabriel Migowski, mobile payments, online banking, savings account, RappiCuenta, Visa, no annual fee, personal banker, Banorte, Itaú, Interbank