BBVA Spark has granted a 15 million euros loan to Cabify to enable it to accelerate the implementation of its strategic plan, which is focused on driving sustainable urban mobility with profitable growth.
Madrid – BBVA Spark, the bank for high-growth companies, has closed a 15 million euros “Venture Debt” financing facility with Cabify, the Spanish mobility company, which was born 12 years ago in Madrid and became the first unicorn in Spain in 2018, to accelerate the implementation of its strategic plan, focused on boosting sustainable and accessible urban mobility.
Roberto Albaladejo, Head of BBVA Spark, highlighted that “Cabify is demonstrating that it is possible to promote a sustainable urban mobility model in the main cities of Spain and Latin America in a way that is accessible to the majority of citizens. Cabify’s zero emissions strategy through the progressive electrification of its fleet is a pioneer in its segment and is fully aligned with BBVA’s vision”.
Juan Barbolla, CFO of Cabify, stated that “we are proud to receive BBVA’s support for our strategic plan. We have a firm purpose to make cities better places to live, and we are advancing on this path thanks to the efforts of millions of collaborative drivers, passengers, and hundreds of employees who, day after day, promote more accessible and sustainable mobility options. We are changing how people move and interact with cities while proving that being sustainable can also be profitable. We are delighted that the BBVA team is joining Cabify as a co-driver in this journey”.
Sustainable growth from a social, economic, and environmental perspective
Cabify continues to progress on the objectives set out in its Sustainable Business Strategy 2022-2025, among which its commitment to sustainable growth, from a social, financial, and environmental point of view, stands out. The Spanish company is investing in progressive decarbonization and electrification of its fleet to reach 100% of zero-emission trips on its platform by 2025 in Spain and 2030 in Latin America.
As a sign of its progress, the company recently announced the incorporation of 200 new electric cars in Madrid, which Vecttor, a subsidiary of the group, will operate. Thanks to this incorporation, one out of every four Vecttor cars already has a Zero label, while the rest of the vehicles have an ECO label. In Spain, Cabify has been the first company in its sector to reduce the total emissions of the trips made through the platform, despite an increase in the volume of trips in this period.
In parallel, Cabify will continue to develop its Tech Mobility and service proposal so that accessible and sustainable mobility reaches more people and territories within the set of countries in which the company operates. The company is currently present in more than 40 cities in Spain and Latin America. Cabify remains committed to sustainable growth and profitability, maintaining a pronounced global growth rate of over 30%.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor’s degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.