BBVA and Cabify close €15 million financing deal to boost sustainable mobility
BBVA Spark, the bank for high-growth companies, has arranged a €15 million 'Venture Debt' facility for Cabify, the Spanish mobility company, which was launched 12 years ago in Madrid and became Spain's first unicorn in 2018. The proceeds will go toward fast-tracking the execution of Cabify's strategic plan, which focuses on boosting sustainable and affordable urban mobility.
Roberto Albaladejo, Head of BBVA Spark, explained that "Cabify is proof that you can implement a sustainable urban mobility model in the major cities of Spain and Latin America in a way that is affordable for a majority of residents. Cabify's zero-emissions strategy through gradual electrification of its fleet is groundbreaking in its segment and fully aligned with BBVA's vision.”
Juan Barbolla, CFO of Cabify, said, "We are proud that BBVA shows its confidence in us with this kind of support. We are committed to making cities better places to live. We are moving forward on this path thanks to the efforts of millions of drivers, users and thousands of employees who, day after day, drive more affordable and sustainable mobility options. We are changing the way people move around cities and interact with them. We are also proving that we can be sustainable. We are very pleased to have the BBVA team join Cabify as a co-pilot on this journey."
Socially, economically and environmentally sustainable growth
Cabify continues to meet the objectives set out in its Sustainable Business Strategy 2022-2025, including its commitment to sustainable growth, from a social, financial and environmental point of view. The Spanish company is investing in gradual decarbonization, coupled with electrification, to reach 100 percent zero-emission travel on its platform by 2025 in Spain and 2030 in Latin America. This is a success story on a global scale.
As a sign of its progress, the company recently announced the deployment of 200 new electric cars in Madrid, which will be operated by the group's subsidiary Vecttor. Thanks to this addition, one out of four Vecttor cars now boasts a Zero label, while the remaining vehicles bear an ECO label. In Spain, Cabify was the first company in its industry to reduce total travel emissions through the platform, despite an increase in the volume of trips over the period.
Today, BBVA Spark has gained the trust of more than 800 clients and committed around €250 million in bank finance.