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This post is also available in: esEspañol (Spanish)

Rappi acquires booming Mexican startup Payit

This post is also available in: esEspañol (Spanish)

Contxto – Big moves mean big purchases, best exemplified by Colombian last-mile delivery startup Rappi. The thriving company recently bought out Mexican startup Payit. The investment terms were undisclosed.

Most likely, Rappi saw how the Mexican home delivery service earned MXN$100 million from transactions last year. At the same time, the Colombian startup also saw an opportunity for Rappi to improve its payment platform within the app.

Both firms now seem happy with the acquisition. On one hand, Rappi will inevitably improve its payment service. On the other, Payit will continue to see continuous growth and more sales in 2019.

“We want the experience of using the application to grow, for this my entire team joins Rappi to reinforce it,” said Martín Mexía, co-founder and Payit CEO.

“We will be constantly innovating, for example, at this moment we are working to use the Payit balance within Rappi.”

Matín Mexía, Payit’s founder and CEO

Users will still be able to download Payit and use it to manage their personal finances and better keep track of their accounts.

We believe it was a smart move by Rappi, due to the increased competitiveness in the industry. Allowing users to improve the overall experience (especially through blockchain-powered payment systems) is certainly one way to stay on top of the food chain.

-JA

Jacob Atkins
Jacob Atkins is a journalist specializing in Latin America. He studied journalism and international relations at American University in Washington, D.C. and has previously reported from Chile, Ecuador, Haiti and Mexico. When he isn't writing he's most likely hiking or drawing.

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