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BBVA Spark Launches in Colombia

BBVA Spark Launches in Colombia

(17 March 2023 – Colombia) Spain's BBVA has announced the roll-out of its Spark business unit in Colombia, serving entrepreneurs and tech companies.

BBVA Spark first launched in Spain and Mexico in July 2022. The unit aims to boost innovation and support enterprises that are shaping the future with groundbreaking tech, scalable business models and a clear strategy to grow and explore new markets.

With more than 1000 startups in the country, the volume of investment in technology and innovation has tripled over the past two years.

Spark provides a product and service range tailored to the life cycle of tech companies, from the startup stage right through to their emergence as major corporations.

Depending on its stage of development, a firm can access BBVA's full range of products for businesses - online banking, payroll, payments, cards, insurance - and the specific form of finance it needs.

Specifically, BBVA Spark will offer new models of finance, such as venture debt, so that entrepreneurs can access bank finance and avoid seeing their equity stake diluted in private funding rounds.

“We aim to be the go-to bank for Colombia’s entrepreneurial ecosystem by offering a specialised team, a full range of financial services and new models of finance that prioritize long-term growth potential," said BBVA Spark Global Head, Roberto Albaladejo.

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