PHR assists Banco Davivienda in the creation of a digital financial institution

Posse Herrera Ruíz has advised Banco Davivienda in collaboration with Rappi, on the creation of a native digital financial institution

Colombian law firm Posse Herrera Ruíz has assisted Banco Davivienda in a joint venture with Rappi, the multi-vertical app pioneer in Latin America, to create a digitally native financing company.

The institution will operate in Colombia within the app Rappi, as one of the steps in the strategic alliance between Banco Davivienda and Rappi.

This agreement will allow Davivienda, through Corporación Financiera Davivienda SA and Rappi, to move forward in the strategic alliance with the logistics company and apply for a banking license with the Colombian financial regulator.

It must be noted that Banco Davivienda and Rappi already offer joint payments services through RappiPay, which reportedly now has 730,000 users. Both companies look to expand to 1 million users during the launch.

Posse Herrera Ruíz counted with a team led by partners José Alejandro Torres (pictured left), Mariana Posse (pictured top right) and Jorge de los Ríos (pictured bottom right), along with Lina Lineros, Adriana Cabal, Annabelle Angarita, Laura Torrado, Laura Aristizábal, Daniel Meza and Julián Aguirre. While Rappi was counseld by Garrigues leading partners Roberto Borrás and Ignacio Londoño, assited by Laura Galeano and Paola Valderrama.