BBVA grants Cabify 15 million euros for growth and mobility

BBVA Spark backs Cabify with €15 million loan: Shared goal for zero-emission mobility in Spain by 2025 and Latin America by 2030.

The bank's investment arm, BBVA Spark, has granted a €15 million loan to Cabify to accelerate the implementation of its strategic plan aimed at driving sustainable urban mobility with profitable growth.

This financing is the first of this amount from a Spanish credit institution and underlines BBVA's confidence in the mobility company's strategy.

Cabify is consistently implementing its objectives as part of its 2022-2025 sustainable business plan, including in particular the pursuit of sustainable growth from a social, financial and environmental perspective. The Spanish company is actively investing in the gradual decarbonization and electrification of its activities, with the aim of offering 100% zero-emission rides on its platform by 2025 in Spain and by 2030 in Latin America.

200 new electric cars for Madrid

The recently announced launch of 200 new electric cars in Madrid, operated by Vecttor, a subsidiary of Cabify, underlines the company's commitment to sustainable mobility. Already, 25% of Vecttor's vehicles have the zero-emission label, while the remaining vehicles carry the ECO label.

Cabify shows that it is possible to promote a sustainable model for urban mobility in the main cities of Spain and Latin America ... promote

Roberto Albaladejo, Head of BBVA Spark

Roberto Albaladejo, Head of BBVA Spark, emphasized: "Cabify shows that it is possible to promote a sustainable model for urban mobility in the main cities of Spain and Latin America in a way that is accessible to most citizens. Cabify's zero-emission strategy through the gradual electrification of its fleet is pioneering in its sector and fully in line with BBVA's vision."

Difficult environment for Cabify

Media coverage of Cabify has been mixed recently, with differing opinions and analysis of the company's development. The Balearic government, for example, has passed a decree law that, for the time being, excludes private ride-hailing companies such as Cabify and Uber from providing transportation in Mallorca. The amendment to the law, which aims to better regulate passenger transport, prohibits the issuing of new transport licenses for vehicles with drivers (VTC). This decision raises questions, especially as the demand for cab services exceeded capacity last summer.

BBVA Spark is currently already working with more than 800 customers and has committed around 250 million euros in bank financing.