BBVA Spark gives motorcycle lender Galgo a 1,000 million peso credit line

The story so far, in brief; the legwork, and the full article, stay with the original outlet.

BBVA Spark has agreed a credit line of 1,000 million pesos with Galgo, a platform where people buy, sell and finance motorcycles in Latin America. Buyers pick a bike from a multi-brand catalogue and arrange the loan on their phone.

Galgo has operated in Mexico since 2022, where it has financed more than 40,000 people and handles over 3,500 motorcycles a month. Across Colombia, Mexico and Chile it has lent to more than 200,000 people through over 1,500 partner shops, finances about 7,500 bikes a month, and grows more than 50% a year with an operating profit.

Its customers are largely delivery riders and freelancers, a group banks have tended to pass over: impact firm 60 Decibels surveyed them and found over 80% lacked access to comparable credit. A bank lending to their lender is one way around that.