Rappi secures $100mln loan from Santander and Kirkoswald Capital Partners.

Rappi, a leading Latin American startup, has secured a $100 million loan from Santander and Kirkoswald Capital Partners, the largest debt financing in its decade-long history. The four-year senior secured credit line will be used for refinancing and working capital to fuel the company's expansion in the competitive delivery market. The funding comes at a time when many Latin American startups are turning to debt financing amid a tougher fundraising environment.

Rappi Inc., one of Latin America’s most valuable startups, has secured a $100 million loan from Banco Santander and Kirkoswald Capital Partners, marking its largest debt financing since the Colombian delivery startup’s founding a decade ago [1]. The four-year senior secured facility will support refinancing and working capital needs as Rappi looks to expand in the region’s competitive delivery market.

The funding comes at a time when many Latin American growth-stage startups have increasingly turned to debt amid a tougher funding environment. While venture spending has declined globally, Latin America’s young startup scene has been particularly impacted [1]. Rappi, founded in 2015, has grown into one of Latin America’s most recognizable delivery platforms, expanding into Mexico, Brazil, and other countries in the region by offering food, grocery, and courier services. The company reached a $5.25 billion valuation in July 2021, but the latest financing highlights how it is tapping new funding sources to sustain expansion and manage operations.

The loan is expected to support Rappi’s strategic initiatives, including expanding its service offerings and enhancing operational efficiency. The company has already established a strong presence in several Latin American markets, and this additional capital will enable it to further penetrate these markets and explore new opportunities.

The partnership with Banco Santander and Kirkoswald Capital Partners underscores Rappi’s ability to attract significant investment and highlights the growing interest in the Latin American startup ecosystem. The debt financing also signals a shift in the region’s startup funding landscape, where venture capital is increasingly being supplemented by debt financing options.

Rappi’s ability to secure this substantial loan is a testament to its financial health and strategic positioning in the market. As the company continues to expand, it will be important to monitor its debt management practices and ensure that it maintains a balanced financial profile.

References:
[1] https://www.bloomberg.com/news/articles/2025-08-20/rappi-secures-100-million-loan-from-santander-private-credit