BBVA launches BBVA Spark in Colombia, a business unit for innovative companies

BBVA announced the arrival of its BBVA Spark business unit in Colombia, which will offer a comprehensive financial services offering targeting entrepreneurial and technology companies at their various stages of growth. This includes a full offering of banking products and services, expert support and access to the sector ecosystem.

“At BBVA Colombia, we have spent years betting on innovation, technology and entrepreneurship, as part of our DNA and the characteristics of our customers. Today we want to reinforce this purpose with the arrival of BBVA Spark, a business unit aimed at promoting the growth and consolidation of innovative companies in Colombia. We are convinced of the potential of the Colombian market , which is reflected in the more than 1,000 startups present in Colombia and in the volume of investment in technology and innovation, which has tripled in the past two years, making it today the third ecosystem said Mario Pardo Bayona, CEO of BBVA in Colombia.

BBVA Spark was launched in Spain and Mexico in July 2022 with the aim of fostering innovation and helping companies that define the future to grow with innovative proposals and scalable business models, supported by technology and with a clear strategy for continued growth, also in new markets.

Traditionally, these companies resort to equity financing from private investors. Largely because it is at a very early stage, but also because there is no developed bank financing market.

“At BBVA we believe that now more than ever we can play a very important role in supporting innovative companies. That is why, with BBVA Spark, we want to be the bank of the entrepreneurial ecosystem in Colombia, thanks to a dedicated team, a complete offer of financial services and forms New financing models with priority on factors such as long-term growth potential explained Roberto Baladego, global head of BBVA Spark.

BBVA has developed a comprehensive offer that adapts to the different stages of the life cycle of these companies, from their initial stages to becoming large companies, which they combine with a unique user experience, by having their own network of bankers and specialist advisors. dedicated to this part.

In this way, companies, depending on what stage they are in, will have access to BBVA’s range of corporate products (online banking, payroll, payments, cards, insurance, etc.) and the specific financing they need.

Specifically, BBVA Spark will add to its financial proposition models such as ‘project debt’, which is very common in other innovation markets such as Silicon Valley, because it gives companies access to bank financing and reduces the possibility of losing out on contributing to private funding rounds.

BBVA Spark’s offering also extends to technology companies in more advanced stages with financing through products such as “growth loans,” which allow companies to undertake investment projects, such as entering new markets or corporate operations.

In just eight months of activity, BBVA Spark is already working with more than 500 clients. Some are also known as Wallbox electric vehicle charging solutions provider in Spain or TuHabi used for home buying and selling in Mexico. BBVA has already provided more than 200 million euros in loans and invested more than 200 million euros in venture capital funds such as Leadwind, Lowercarbon, Fifth Wall, Propel, Be Able and others.