RappiPay
“Can a Latin American delivery super-app turn its marketplace transaction data into the dominant SMB credit and payments rail for the region's underbanked merchants?”
Founded2015
HQBogotá, Colombia
FoundersSimón Borrero, Felipe Villamarin, Sebastián Mejía
Valuation$3.5B+ (post-SoftBank 2019)
IndustryFintech / SMB banking
The story
Founded 2015 as a Colombian delivery super-app, Rappi expanded into financial services via RappiPay (2018) and then a Davivienda joint-venture in Colombia that became a licensed financiamiento entity issuing the RappiCard. The 2023-2026 push into merchant lending (RappiPréstamos Aliados) leverages transactional data from the marketplace to underwrite the ~35,000 commerce partners that traditional banks underserve. RappiPay is positioning as the financial backbone of the Rappi ecosystem rather than a standalone neobank.
Product timeline
2015
Rappi founded in Bogotá as on-demand delivery super-app· pivot
2018
RappiPay launched as payments arm across Colombia, Mexico, Brazil, Argentina, Chile and Peru· banking
2019
SoftBank invests $1B at $3.5B valuation· pivot
2020
RappiPay JV with Davivienda in Colombia to launch RappiCard· card
2023
Rappi begins lending to restaurants in Mexico and Colombia· lending
2026
Launches RappiPréstamos Aliados, digital credit line for merchants up to COP $61.3M· lending
Regulated entities
1
regulatory licence held by RappiPay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in RappiPay’s embedded-finance stack
Payments / PSP
RappiPay (self-operated)
Banking / BaaS
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: significant
4 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.