Spanish Mobility Company Cabify was Secures €15 Million loan from BBVA Spark to expedite the execution of its strategic plan. The goal centres on propelling sustainable urban mobility alongside profitable expansion.
With a Spanish credit institution, this is the first financing transaction of this magnitude. With its most recent fundraising of $110 million in March of last year, Cabify has raised $584.1 million in capital.
Founded in Madrid twelve years ago, Cabify became the first unicorn in Spain in 2018. Despite a rise in the number of trips taken during this time, Cabify was the first firm in its industry to lower the overall emissions of the journeys taken through its platform.
With a strong global growth rate of more than 30%, Cabify is devoted to sustainable growth and profitability and is presently present in more than 40 cities throughout Spain and Latin America.
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”.
Cabify, a company that has signed the UN Global Compact since 2018, helps businesses and private individuals choose the transport options that best meet their needs.
Improving living conditions in cities is its primary goal. In order to achieve this, it uses technology to offer a reliable and safe mode of transportation, hence clearing traffic on the streets.