“Can a LatAm delivery super-app become the dominant embedded financial services platform for the region's underbanked merchants and consumers?”
Founded 2015 as a Colombian on-demand delivery startup, Rappi has steadily evolved into a Latin American super-app spanning food, grocery, pharmacy, travel and financial services. The 2020 RappiPay launch — built on top of a Davivienda banking partnership — marked its decisive push into embedded finance, followed by embedded lending (R2 in Mexico, RappiPay in Colombia) and insurance (Chubb). The company now operates a multi-country fintech vertical alongside its marketplace core.
Rappi discloses Davivienda (sponsor bank partnership) as its banking provider, with Davivienda as its sponsor bank, according to the Embedded Finance Index 2026.
Rappi does not disclose a bank charter of its own; its banking services are provided through Davivienda.
Rappi processes payments through RappiPay (self-operated).
Rappi's cards are issued through Davivienda.
Rappi's lending and capital products are provided by R2.
The Embedded Finance Index 2026 maps 5 layers in Rappi's stack: Payments / PSP (RappiPay (self-operated)); Banking / BaaS (Davivienda (sponsor bank partnership)); Card issuing (Davivienda); Lending (R2, Préstamos para ti (Rappi x R2, Mexico) and RappiPréstamos Aliados (RappiPay, Colombia)); Sponsor bank (Davivienda).
Rappi was founded by Simón Borrero, Felipe Villamarin and Sebastián Mejía and is founded in 2015, headquartered in Bogotá, Colombia.
Rappi has raised $2B+ in total (latest round: Series F+ (2021); valuation: $5.25B (2021)).
Get a read on where your own stack stands against Rappi and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.