BBVA Sparkbanking for startups of BBVA, has closed its largest debt operation to date with the closing of a loan of 50 million euros a Twinco Capital.
The inverted is a company that offers sustainable financing to suppliers of large corporations. Founded by Sandra Nolasco y Carmen Marin, the company advances 60% at the time a supplier receives a purchase order and the remaining 40% at the time of delivery of the merchandise. The company has provided more than 250 million dollars (236 million euros) in loans to suppliers in emerging markets and has more than 800 clients.
The company had already raised a round that included debt at the beginning of the year of 11 million euros in which they became shareholders. Quona Capital, Working Capital Fund , Finch Capitaly Mundi Ventureswhile Zubi Capital contributed the debt part.
BBVA Spark has become one of the engines of the ecosystem startup Spanish in this stage of change of cycle in which, after years of prosperity, emerging companies are forced to seek financing at lower valuations than the one they had, which means that other alternatives such as the one known as venture debt make way.
In recent months, Spark has contributed 20 million euros to fintech Payflow15 million euros to the logistics company package, six million euros I’m on fire and another three million to the solar panel company Sunhero. A series of rounds that, combined, do not reach what was invested in Twinco Capital.