Spanish mobility company Cabify has received a €15 million loan from BBVA Spark bank to boost sustainable and accessible urban mobility in Spain and Latin America.
The company, which offers electric cars and e-mopeds, will use the loan to continue working towards the targets laid out in its Sustainable Business Strategy 2022-2025, which focuses on social, economic and environmental sustainable growth.
Founded in Madrid in 2011, this financing facility marks Cabify’s first loan of this sum from a Spanish credit institution.
“At Cabify, we have a clear vision for the future of urban mobility, and this loan will help us accelerate our strategic plan for growth in the geographies in which we are present while developing technology focused on mobility to make it sustainable and accessible,” CFO of Cabify Juan Barbolla told Zag Daily.
By investing in progressive decarbonisation and electrification of its fleet, Cabify hopes to reach 100% of zero-emission trips on its platform by 2025 in Spain and by 2030 in Latin America.
“The future of urban mobility lies in decarbonisation and electrification. If mobility is not sustainable, there will be no mobility and no future.
“Globally, urban areas consume more than 65% of the planet’s energy, accounting for 70% of CO2 emissions. Technology is the key to the transport of the future and to make this change to sustainable mobility.”
In 2018, Cabify became carbon-neutral and is continuing its ambitions to be a zero-emission company by 2030 globally.
The mobility company is on its way there having increased its global electric fleet by 139% in 2022 and increased the number of electric kilometres travelled by its vehicles the same year by 178%.
To expand its e-moped fleet, the company has enabled third-party services to also offer their e-mopeds through the Cabify app as it has done with motorsharing company Cooltra.
Cooltra has nearly 2,000 vehicles available in Madrid which will add to the 1,200 mopeds that Cabify currently operates in the city. According to Cabify, its app now offers the largest number of e-mopeds in Spain.
Juan also highlighted that sustainability does not need to come at the expense of profitability.
“Throughout these years, we proved that being sustainable is also profitable, and Cabify remains committed to this sustainable growth, maintaining a pronounced global business growth of over 30%.
“In order to make mobility electric, we have to overcome the great challenges and obstacles that lie ahead. At Cabify, we want to lead the way in electrification and enable progress in the regions where we operate. Working together is crucial to make this urgent transformation happen.”