Cabify is granted €15 million in financing to improve urban mobility
Cabify, providing urban mobility solutions in seven countries and over 40 cities, has been granted €15 million in financing from the BBVA Spark.
The €15 million loan represents the first large-scale funding from a Spanish credit institution for the Madrid-based mobility company, which aims to boost the strategic goal of expanding sustainable and accessible urban mobility.
The financing from BBVA Spark underscores the importance of a successful mobility strategy during times of high costs and inflation. "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", said Roberto Albaladejo, Head of BBVA Spark.
Cabify expects continued growth under its Sustainable Business Strategy 2022-2025, which includes investing in progressive decarbonisation of its fleet. The goal is to achieve 100% trips on the Cabify platform in Spain by 2025 and Latin America by 2030. Cabify's subsidiary Vecttor recently incorporated 200 new electric cars into the Madrid fleet to support this goal.
Cabify's Chief Financial Officer Juan Barbolla said that Cabify is proud to receive BBVA's support to follow its strategic plan; its purpose is to make cities a better place and promote accessible and sustainable mobility options.
Cabify operates in countries other than Spain, Chile, Argentina, Peru, Colombia, Mexico and Uruguay.
The main image shows Juan Barbolla, CFO of Cabify and Roberto Albaladejo, Head of BBVA Spark, courtesy of Cabify.