Business

Brazil's bank Itaú and Rappi to launch 100,000 cards for individuals and companies in Chile

The companies intend to offer 100,000 cards in the first 12 months of the partnership, starting in the third quarter

Photo: Rappi/Website
  • Itaú proposes an ecosystem that will integrate consumers’ needs through Rappi;
  • The bank will offer working capital credits to nearly 10,000 shops in the Rappi app.

Last month, Brazilian bank Itaú announced a new alliance with Rappi in Chile. This week, while presenting Itaú’s first-quarter results, Gabriel Moura, Itaú Corpbanca CEO in Chile, disclosed that the first product of this partnership will be cards for individuals and companies, to roll out in the third quarter. The companies intend to offer 100,000 cards in the first 12 months of the partnership. 

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Itaú proposes an ecosystem that will integrate consumers’ needs through Rappi. The bank will offer working capital credits to nearly 10,000 shops that are in the Rappi App, and the 1.6 million users of the platform will be able to access loans and payment products.

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“We will seek to bring disruptive ways of providing financial services for both individuals and companies in Chile. Through this partnership, we are integrating financial services into a large ecosystem, which enables us to access a large consumer base, to boost our growth, while adding value to the ecosystem,” he said.

Rappi has been embracing financial services across the region. In Colombia, Rappi already has a credit card, launched in partnership with Davivienda bank and Visa, in later 2020.

This year, it also launched RappiBank in Brazil, created to offer financial services to users and businesses, with a working capital credit line aimed at the superapp partners.

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