Galgo secures $56M BBVA Spark credit line for motorcycle financing in Mexico
What's the deal? Galgo, a Latin American platform for buying, selling, and financing motorcycles, has secured a 1,000,000,000-peso ($56 million) credit line from BBVA SparkDealroom has a profile for this one. Try Dealroom →. The facility targets independent workers and delivery riders in Mexico, groups that often lack access to formal credit.
What does Galgo do? The company runs a fully digital platform where users pick a motorcycle from a multi-brand catalogue and arrange financing from their phone. It operates in Colombia, Mexico, and Chile through a network of more than 1,500 partner stores.
By the numbers: Since 2022, Galgo has financed more than 40,000 people in Mexico and finances over 3,500 motorcycles there each month. Across the region, it has extended credit to more than 200,000 people and finances roughly 7,500 motorcycles monthly, growing more than 50% annually with operating profitability.
What's the money for? The credit line is meant to widen access to financing and fuel Galgo's expansion in Mexico. According to impact measurement firm 60 Decibels, more than 80% of surveyed Galgo customers previously lacked access to credit like that offered on its platform.
What they're saying: "We see BBVA Spark as a long-term ally to support our growth in the markets where we operate," said Francisco Eterovic, co-founder and co-chief executive officer of Galgo (translated from Spanish). Rodrigo Velasco, country manager for Mexico and LatAm head at BBVA Spark, said the deal is "not just about financing technology, but connecting that innovation with real life."
The signal: The financing reflects growing appetite from established banks to back fintechs serving underbanked segments in Latin America. By funding motorcycle loans for gig workers, BBVA Spark is betting on lending to a customer base that traditional finance has largely overlooked.
Read more: latamfintech.co
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