Cabify will allocate US $ 70 million to strengthen its operations in Argentina and Latin America

The Inter-American Development Bank (IDB) has delivered "Cibify" a loan for $ 70 million (about 61.5 million euros) to boost the mobility activity it provides in the ten Latin American countries in which it operates, including Argentina. This is the first funding granted by this entity to a digital urban mobility company, according to the company founded by Juan de Antonio.

Cabify will allocate funding to improve urban mobility by increasing service options for individuals and businesses, "optimize" the quality of service and encourage innovation, and a plan to improve the conditions of employment of drivers. De Antonio said in a statement that IDB support will allow the platform "to replicate its positive impact not only in the cities, but also in those who make it live every day."

Founded in 2011, Cabify is present in Spain and Portugal, it is also present at:

• Brazil
• Chile
• Colombia
• Ecuador
• Mexico
• Panama
• Peru
• Uruguay
• Dominican Republic

It started operating in 2016 in different cities of Argentina. It offers a service similar to that of Uber, whose operation in the city was banned by the justice shortly after his arrival in the country.

It offers a service similar to that of Uber, whose operation in the city was banned by the justice shortly after its landing in the country.

The platform makes this financing for its activities in Latin America whereas, in the case of Spain, Last week, he announced his departure from Barcelona before the approval of the new regulations that requires you to rent your services with a minimum of fifteen minutes in advance.

S.D.