In Spain, Vecttor, a passenger transport company under the Cabify group, has entered into a collaboration with BBVA Spark to streamline cash management for its over 3,500 drivers across major cities including Barcelona, Madrid, Málaga, Sevilla, and Valencia.
The partnership allows drivers to deposit cash collected during their shifts directly into their Vecttor accounts via BBVA's Pagos Exprés service. This service enables both bank customers and non-customers to deposit cash at BBVA ATMs and through the bank's website. Previously, drivers had to return to the company's offices to deposit cash, resulting in inefficient empty trips.
This new arrangement enhances security for drivers by allowing more frequent deposits at any BBVA ATM, thereby reducing the amount of cash they carry. It also saves time, positively impacting their daily earnings by eliminating unnecessary travel to company locations.
Verónica Ruiz, head of BBVA Spark in Spain, stated, "With BBVA Spark, tech companies can quickly access cutting-edge solutions to optimize their operations. Vecttor has simplified its daily operations thanks to our services and technologies, which we hope will also contribute to its growth." Carlos Escudero, Operations Director at Vecttor, highlighted that the agreement is a novel initiative in the VTC sector, aimed at improving driver experience and reducing empty trips.
This collaboration follows BBVA Spark's earlier agreement with Cabify in early 2024, which involved financing with €15 million in venture debt to support sustainable mobility initiatives, including plans for zero emissions by 2025 in Spain and 2030 in Latin America.