Cabify Secures €15M Loan from BBVA Spark to Boost Electric Mobility
Cabify, a leading urban mobility provider, has secured a €15 million loan from BBVA Spark. This funding, the company's first large-scale mstr from a Spanish credit institution, will support Cabify's ambitious Sustainable Business Strategy 2022-2025. The strategy aims for 100% electric trips in Spain by 2025 and Latin America by 2030.
Cabify operates in seven countries: Spain, Chile, Argentina, Peru, Colombia, Mexico, and Uruguay. The company offers urban mobility solutions, including ride-hailing services and electric scooters. Its zero-emission strategy involves progressively electrifying its fleet, aligning with BBVA's sustainability vision. Recently, Cabify's subsidiary Vecttor added 200 electric cars to the Madrid fleet to support these sustainability goals.
The €15 million loan from BBVA Spark will enable Cabify to expand its sustainable and accessible urban mobility services. This funding highlights the importance of Cabify's mobility strategy, even during periods of high inflation.
Cabify's first large-scale mstr from a Spanish credit institution, a €15 million loan from BBVA Spark, will support the company's Sustainable Business Strategy. This strategy aims to achieve 100% electric trips in Spain by 2025 and Latin America by 2030. The funding will help Cabify expand its sustainable and accessible urban mobility services across its seven operating countries.
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