BBVA Spark grants €4 million loan to fund Exoticca's expansion into Latin America
Exoticca, a leading company in the digitization of big-ticket travel, has announced the signing of a €4 million finance agreement with BBVA Spark. This loan agreement will facilitate the company's expansion in Latin America. The financing is supported by the European Union and the European Investment Fund under the InvestEU Fund program.
Exoticca is leading the digitization of big-ticket tours. This is a category that, due to its high complexity (including multiple flights, hotels and activities), did not have an online storefront and until now was only sold in brick-and-mortar establishments.
The value proposition of this startup rests on two fundamental pillars: (i) a completely online offer with real-time availability that makes the buying process faster and easier for the end customer, and (ii) more affordable prices for big-ticket trips. This edge is due to cutting out the middleman in the value chain and tech-intensive processes.
“We believe Exoticca has a differential digital offer in the big-ticket category. The management team has successfully led its growth and we are confident in its management for this next stage. We are thrilled to finance Exoticca and support its expansion in Latin America,” explained Verónica Ruiz, Head of BBVA Spark in Spain.
Pere Vallés, CEO of Exoticca, said, "We are very grateful to BBVA Spark for its support, which will help us to fund our expansion in Latin America. We recently opened in the Mexico and Colombia markets with very good results. Our goal is to launch five more markets in the region by 2024.”
Exoticca has grown rapidly: in eight years it has moved from sales of €2 million in its first year, 2015, to €200 million in 2023, despite the impact of the pandemic. By 2024, the startup expects to reach €300 million in sales.