Rappi wants to be the bank of the whole world in alliance with Visa

The food service at home, Rappi, presented Rappi Pay, the new payment method that seeks to be "the bank of the whole world", according to its co-founder, Juan Pablo Ortega.

The Rappi delivery wants to be a bank like all financial systems should be
The Rappi delivery wants to be a bank like all financial systems should be

Two months after the launch of Rappi Pay in collaboration with Visa, the startup presented its debit card together with the financial services company and Accendo Banco; In this way, we finally set up a mobile bank that is so easy to obtain, "like ordering a hamburger."

"It's a bank with which you do not have to go to a branch, you do not need paperwork, it's how financial systems should be; financial systems should not be delayed or cost you a lot of money," says Juan Pablo.

The Rappi Pay debit card is a Visa plastic that can be used anywhere in the world, and has, among its benefits, a 3% credit in Rappi Credits with each payment, and even allows withdrawals at any Visa ATM without commission charge.

Rappi was launched only 4 years ago and became the first unicorn in Latin America. A unicorn is a startup or technology company that reach a value of one billion dollars in its early stages.

Alliance for financial inclusion

In an interview for Mundo Ejecutivo, Luz Adriana Ramírez, general director of Visa México, said that the launch of Rappi Pay is very much in line with financial inclusion:

"This platform has about 6 million current users, and we think that many of them with the Rappi Pay card will be able to have a bank card and all the benefits of financial services. So we are really focused on achieving this financial inclusion in favor of the economy in Mexico and of course the growth in Mexico of digital payments."

Visa has been a leader for more than 60 years in the world of physical payments, but for some years it has sought to maintain its leadership in the digital world.

"This represents collaborating with many partners in the payment ecosystem, which are not the ones we normally worked with. This represents a new way of seeing things, innovating, working in a more agile way and above all meet the demands of our consumers who today demand solutions without friction, better experiences and instant gratification."

By Agencies

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SoftBank invests 1 billion dollars in Rappi

The Japanese group SoftBank made its first movement in the entrepreneurial ecosystem of Latin America. The credit institution invested 1 billion dollars in the Colombian application of Rappi deliveries, which represents one of the largest venture capital investments in a technology company in the region, whose start-ups received capital for 2 billion dollars during 2018.

Rappi, which last September was considered the first unicorn of Colombia with a value of more than 1 billion dollars, will use the resources to accelerate its growth in the Latin American markets where it already participates, as well as to generate new products and services, reported the start-up in a statement.

Simón Borrero, co-founder, and CEO of Rappi said the investment is the result of the hard work of the entire team of the company and highlighted the support of the Japanese bank to improve the quality of life of Latin Americans with innovative products.

"We will continue to focus on creating innovations for restaurants, retailers and new start-ups so that they become new sources of growth," added Sebastian Mejía, co-founder and president of Rappi. The entrepreneurs did not disclose the participation that SoftBank will have.

Last March, the Japanese group announced the creation of an innovation fund for 5 billion dollars to invest in technology companies in Latin America. The bank divided the investment in Rappi into equal parts between SoftBank Group (SBG) and the SoftBank Vision Fund, later transferring the transaction to the newly created vehicle. Jeffrey Housenbold, managing partner of SoftBank Investment Advisers, will join Rappi's board of directors.

The start-up was created in 2015 and operates in 35 cities in Colombia, Mexico, Peru, Argentina, Chile, Uruguay, and Brazil. The application uses an army of delivery drivers on bicycles to deliver orders. In 2018, Rappi multiplied the number of delivered products by seven and recorded a monthly growth of 20% in the seven countries where it operates.

Among its investors are DST Global, Delivery Hero, Sequoia Capital, Andreessen Horowitz, and Y Combinator, where it was accelerated in 2016.

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