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Rappi and Davivienda apply for a license as a finance company in Colombia

Davivienda Bank and the Colombian platform Rappi announced an alliance almost two years ago. And now they are officially applying for approval to establish themselves as a financial company in front of Colombia’s financial regulator. This was reported by Forbes on March 9th.

As explained in this publication, Davivienda’s president Efraín Forero said the guarantee could be in six or nine months.

“This is a proposal that comes as an additional step to provide platform users with more options for managing their money, which is 100% mobile, with various services and answers online,” the article states.

Rappi and Davivienda apply for a license as a finance company in Colombia
Rappi and Davivienda apply for a license as a finance company in Colombia

“This means, It can be said that both Rappi and Davivienda will create a fintech that will provide the services like any financial company, supporting the knowledge of the technology and history of the users of the so-called “Súperapp” and the “Súperapp” experience the Davivienda, “they added.

On the other hand, they emphasized that the Davivienda-Rappi alliance already had more than 730,000 customers and more than 20 million transactions inside and outside of Rappi last year.

In the Forbes article, they also quoted Simón Borrero, CEO of Rappi, and confirmed that it is an alliance that has been cultivated with the RappiPay product for two years.

“The spearhead, according to Borrero, is a credit card with no lifetime processing fee with 1% cashback for users who use it. In addition, it is promised that there will be products such as loans for SMEs, for individuals and even for the same rappitenderos that come with the application, “they said.

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