BBVA Spark extends $55M credit line to Chile's Galgo for Mexico push

Chilean motorcycle financing platform Galgo has secured a $55M credit facility from BBVA Spark, the Spanish bank's venture and growth lending arm, to expand its operations in Mexico.

Galgo offers motorcycle financing through a digital application process, serving customers such as independent workers and delivery drivers — a segment that often sits outside the reach of traditional consumer credit. The company said it will use the facility to finance more motorcycles and expand its credit portfolio in Mexico.

The Mexican market has become the centrepiece of Galgo's regional footprint. Since entering the country in 2022, the company has financed motorcycles for more than 40,000 people and now finances over 3,500 motorcycles per month there.

Across Mexico, Colombia and Chile, Galgo has provided credit to more than 200,000 people through a network of over 1,500 partner stores. It finances about 7,500 motorcycles per month across the three markets and reports annual growth of more than 50% while operating profitably.

The structure of the deal is notable: rather than equity, Galgo is taking on debt, the appropriate instrument for a lender whose constraint is the size of its balance sheet rather than its product roadmap. For BBVA Spark, the facility puts bank capital behind a fintech originator in a segment — two-wheeled mobility for gig and informal workers — that has drawn growing attention from Latin American lenders looking for yield outside conventional consumer credit.

The fresh capacity arrives at a moment when demand for affordable motorcycle credit in Mexico continues to run ahead of supply from traditional financiers. Galgo's answer rests on a digital application process paired with a store network that reaches customers where they buy. How far the new facility stretches that model in Mexico will be the test over the next year.