Today, Spanish mobility company Cabify was granted a €15 million loan from BBVA Spark to enable it to accelerate the implementation of its strategic plan, which is focused on driving sustainable urban mobility with profitable growth.
This is the first financing operation of this amount with a Spanish credit institution. Cabify has raised $584.1 million in funding, most recently raising $110 million in March last year.
Cabify was founded 12 years ago in Madrid and became the first unicorn in Spain in 2018.
Cabify was the first company in its sector to reduce the total emissions of the trips made through its platform despite an increase in the volume of trips in this period.
The company recently incorporated 200 new electric cars in Madrid, which Vecttor, a group subsidiary, will operate.
It is investing in progressive decarbonisation and electrification of its fleet to reach 100% of zero-emission trips on its platform by 2025 in Spain and 2030 in Latin America.
Cabify is currently present in more than 40 cities in Spain and Latin America and is committed to sustainable growth and profitability, maintaining a pronounced global growth rate of over 30 percent.
Roberto Albaladejo, Head of BBVA Spark, shared:
"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:
"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”.
Lead image: Juan Barbolla, CFO, Cabify and Roberto Albaladejo, Head of BBVA Spark. Photo: uncredited.