BBVA boosts sustainable mobility with €15 million financing for Cabify
The funds aim to propel Cabify's strategic plan, focusing on enhancing sustainable and cost-effective urban mobility solutions.
In a significant move toward advancing sustainable urban mobility, BBVA Spark, the high-growth-focused arm of BBVA, has arranged a €15 million 'Venture Debt' facility for Cabify, Spain's pioneering mobility company and the nation's first unicorn in 2018. The funds aim to propel Cabify's strategic plan, focusing on enhancing sustainable and cost-effective urban mobility solutions.
Roberto Albaladejo, Head of BBVA Spark, commended Cabify's role as a trailblazer in implementing a sustainable urban mobility model across major cities in Spain and Latin America. Albaladejo applauded Cabify's zero-emissions strategy, achieved through the gradual electrification of its fleet, emphasizing its alignment with BBVA's vision.
Juan Barbolla, CFO of Cabify, expressed pride in BBVA's confidence and support, highlighting Cabify's dedication to improving city living conditions and transforming transportation sustainably. Cabify remains steadfast in achieving the goals outlined in its Sustainable Business Strategy 2022-2025, investing in gradual decarbonization and electrification to reach 100 percent zero-emission travel on its platform by 2025 in Spain and 2030 in Latin America.
In a recent milestone, Cabify deployed 200 new electric cars in Madrid, contributing to the company's commitment to reducing its carbon footprint. With one in four Vecttor cars bearing a Zero label, Cabify remains at the forefront of environmentally conscious transportation solutions.
BBVA Spark's involvement underscores the bank's commitment to supporting sustainable initiatives. With over 800 clients and approximately €250 million committed in bank finance, BBVA Spark continues to be a key player in driving economic, social, and environmental sustainability.
The collaboration between BBVA and Cabify signals a promising future for sustainable urban mobility, showcasing the potential for financial institutions to play a pivotal role in advancing environmentally conscious initiatives within the business landscape.
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