Cabify has hired a new CFO to prepare for its future IPO.

Antonio España, until now CFO of Redexis, will be the company’s chief financial officer. He also held this position at Prosegur Cash and participated in its IPO in 2017.

The Spanish multi-mobility company, Cabify, is renewing its top management with the appointment of Antonio España as the company’s new CFO. The former CFO of Redexis has more than 20 years of experience in executive, consulting and financial management positions. He was also CFO of Prosegur Cash and participated in its IPO in 2017.

Antonio España will play a key role in the areas of corporate governance, compliance and financing for the development of strategic projects and innovation in mobility, and, above all, he could be the person in charge of leading the company’s IPO, which has been on the company’s agenda for some time. «He has previous experience successfully leading IPO processes and managing listed companies,» say Cabify. And, they add, «this is a path that the company is considering in order to continue developing its mobility ecosystem».

Antonio España takes over from Juan Ignacio García who, in addition to Cabify’s financial management, has held several important positions in the company, including that of Country Manager in Spain. He is now taking on his own entrepreneurial project.

García was partly responsible for the mobility company reaching profitability for the first time in the last quarter of 2019, with a positive net result of 2.7 million euros, and ahead of its direct competitors.

Recovering 75% of demand
This was just before the outbreak of the Covid pandemic, which derailed the IPO plans and could now be resumed especially with the recent recovery in passenger demand. The company, which is in the midst of the financial closing process for the 2020 financial year, says that it has recovered, on average, 75% of demand in recent months. «The IPO is part of our roadmap as a company with the aim of strengthening our financial capabilities, diversifying our shareholding and providing liquidity to investors,» they emphasise.

Cabify, valued at around 1,400 million euros, is one of the two Spanish unicorn companies (the other is Glovo), and in recent years has raised funding via investment rounds, with Seaya Ventures and Rakuten being the main investors to date.

As to whether the company is considering raising new funding through new rounds, Cabify says «we are always looking for opportunities to maximise the positive impact we have on our environment and that means making more investments».

Strategic plan
The incorporation of the new CFO means, according to the company, giving continuity to the strategic plan. The previous move was just a few days ago, with the incorporation of Jesús Encinar, co-founder and CEO of Idealista, as the new Independent Director. He joined Juan de Antonio, founder and CEO of Cabify; Beatriz González, founder and Managing Partner of Seaya Ventures; Hiroshi Takasawa, Executive Director of Rakuten Group; and Kevin Laws, CEO of AngelList.

The company, led by Juan de Antonio and founded in 2011 as a VTC company, has already added a wide variety of mobility services to its app: taxis, scooters, electric scooters and bicycles, among other options. In addition, it has recently incorporated a last-mile delivery service for retail companies that offer online sales.

Source: Expansión.