Galgo secures a MXN 1B (about $56M) credit line from BBVA Spark to finance motorcycles in Mexico

Galgo has secured a credit line of 1 billion Mexican pesos, about $56 million, from BBVA Spark, BBVA's unit for high-growth tech companies, to expand motorcycle financing in Mexico.

Founded in Chile in 2018 as Migrante, Galgo sells and finances motorcycles for independent workers and delivery riders through a digital application. Led by co-founder and co-CEO Francisco Eterovic, it entered Mexico in 2022 and Colombia in 2023.

In Mexico it has financed more than 40,000 people and places over 3,500 motorcycles a month. Across Mexico, Colombia and Chile it has extended credit to more than 200,000 people through over 1,500 partner stores. In a 60 Decibels survey, more than 80% of customers said they had no prior access to similar credit.

Galgo has raised more than $100 million in equity and over $350 million in credit lines, and Uber recently invested.

Full announcement linked in the first comment.