Business

Rappi launches financial services division RappiBank in Brazil

First product of the new vertical is a working capital credit line for superapp partners

Sérgio Saraiva, President at Rappi in Brazil
Photo: Rappi/ Courtesy
  • RappiBank’s first product is a working capital credit line called RappiCapital, aimed at the superapp partners;
  • The loan ranges from BRL 10,000 to BRL 500,000 with an interest rate of 1.7% per month, and a term of up to 24 months;
  • RappiBank has two more launches scheduled for the first quarter of 2021: a credit card and a prepayment solution for receivables aimed at companies.

Colombian superapp Rappi announced on Monday the launch of its digital bank RappiBank in Brazil. Created to offer financial services to users and businesses, the first product available in the new vertical is a working capital credit line aimed at the superapp partners.

The loan, called RappiCapital, ranges from BRL 10,000 to BRL 500,000 with an interest rate of 1.7% per month, and a term of up to 24 months. The program is aimed at all types of establishments that take part in the Rappi ecosystem, including restaurants, pharmacies, shops and supermarkets.

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“The financial products we are starting to offer strengthen the partnership with our partners, especially in this difficult time that we are living in,” says Sérgio Saraiva, president of Rappi in Brazil. “We want to be an essential part of our partners’ lives and, in that sense, financial services are fundamental to achieve this goal.”

The process to apply for RappiCapital is fully digital and it does not require any collateral securities, informed the company. After credit analysis and approval, the amount is deposited in the merchants’ account within 24 hours.

According to the president of RappiBank in Brazil, João Paulo Félix, this credit model allows partners to have access to the necessary capital in a simple and quick way to continue growing their business inside and outside the Rappi ecosystem. “This is the first financial product in a series that we are preparing for our users and partners”, he added.

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In addition to the new credit line, RappiBank has two more launches scheduled for the first quarter of 2021: a credit card, which already has a waiting list available to those interested in acquiring it, as well as a prepayment solution for receivables aimed at companies.

“The announcement of Rappi’s digital bank in Brazil follows the natural evolution of a startup that brings innovation to its DNA. It is another important step on this path to truly offer everything to our users in one place,” Félix stressed. “Rappi is a long-term investment and we still have a lot to grow.”