BBVA Spark Invests €15M in Cabify, Backing Sustainable Urban Mobility
BBVA Spark, the tech-focused arm of BBVA, has invested €15 million in Cabify, highlighting the importance of the mobility company's sustainable strategy, particularly during high inflation periods. This funding will support Cabify's expansion of accessible and sustainable urban mobility.
Cabify, operating in seven countries across Europe and Latin America, has received its first large-scale funding from a Spanish credit institution. The loan, structured as a guarantee credit, aims to support Cabify's growth and expansion in Latin America, a key market for BBVA.
Roberto Albaladejo, CEO of BBVA Spark, emphasizes the significance of Cabify's innovative mobility solutions, stating that they offer efficient, flexible, and eco-friendly alternatives to traditional individual transport, especially in cities where traffic and emissions are major challenges. Cabify's zero-emission strategy involves progressively electrifying its fleet, making it a pioneer in its segment. Recently, its subsidiary Vecttor added 200 new electric cars to the Madrid fleet to support this goal.
Cabify's Sustainable Business Strategy 2022-2025 targets 100% electric trips in Spain by 2025 and in Latin America by 2030. This investment from BBVA Spark underscores the bank's commitment to supporting innovative and sustainable business models.
BBVA Spark's €15 million investment in Cabify underscores the importance of sustainable urban mobility, even during high inflation periods. Cabify, with its innovative mobility solutions and zero-emission strategy, is well-positioned to improve urban life and accelerate the transition to sustainable mobility. This funding, the first large-scale financing from a Spanish credit institution for Cabify, reflects BBVA's confidence in Cabify's innovative power and commitment to sustainability.
