Rappi
“Can a LatAm delivery super-app become the dominant embedded financial services platform for the region's underbanked merchants and consumers?”
Founded2015
HQBogotá, Colombia
FoundersSimón Borrero, Felipe Villamarin, Sebastián Mejía
Total raised$2B+
Latest roundSeries F+ (2021)
Valuation$5.25B (2021)
IndustryMarketplace / Food delivery
The story
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.
Product timeline
2015
Founded in Bogotá as on-demand delivery platform· pivot
2016
Joined Y Combinator W16 batch· pivot
2019
SoftBank $1B investment at $3.5B valuation· funding
2020
Launched RappiPay embedded wallet with Davivienda partnership· banking
2021
Expanded Chubb insurance alliance for RappiBank and RappiTravel· insurance
2023
Launched Préstamos para ti embedded lending with R2 in Mexico· lending
2026
RappiPay launched RappiPréstamos Aliados in Colombia (up to COP 61.3M)· lending
Regulated entities
1
regulatory licence held by Rappi
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Rappi’s embedded-finance stack
Payments / PSP
RappiPay (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: none
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.