Rappipay Withdraws from FinTech License Pursuit
Hey FinTech Fanatic!
Rappipay, a subsidiary of Colombian unicorn Rappi, has decided to withdraw its application for an Electronic Payment Funds Institution (IFPE) license under the FinTech Law.
This aligns with the closure of its debit account service, Rappicuenta, announced earlier this year. Currently, Rappi focuses on Rappicard, its credit card product, in partnership with Banorte.
Rappipay Mexico had received conditional authorization from the National Banking and Securities Commission (CNBV) in June 2021 but failed to meet all criteria for final approval. In December 2023, Rappipay formally withdrew its application.
The Interinstitutional Committee approved Rappipay's withdrawal on July 3, nullifying the conditional authorization. Rappipay must now present evidence to CNBV to conclude its activities and provide information about its account holders.
Rappipay is among 36 entities that have withdrawn from the FinTech Law licensing process as of February.
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