BBVA is launching a business unit named Spark in Colombia, aimed at supporting entrepreneurs and technology companies.
Originally introduced in Spain and Mexico last July, BBVA Spark is designed to promote innovation and assist enterprises that leverage cutting-edge technology, scalable business models, and clear growth strategies.
In Colombia, where there are over 1,000 startups and investment in technology and innovation has tripled in the past two years, Spark is set to make a significant impact. The unit will provide a range of products and services tailored to the various stages of tech companies, from startups to established corporations.
Depending on their development stage, firms can utilize BBVA’s comprehensive suite of business products, including online banking, payroll, payments, cards, and insurance, along with customized financing options.
One of the standout offerings from BBVA Spark will be new financing models, like venture debt, allowing entrepreneurs to secure bank funding while minimizing equity dilution during private funding rounds.
Roberto Albaladejo, global head of BBVA Spark, states, “We aim to be the go-to bank for Colombia’s entrepreneurial ecosystem by providing a specialized team, a full range of financial services, and new financing models that focus on long-term growth potential.”