One year of BBVA Spark in Argentina: “Argentine entrepreneurs stand out for their talent and natural ability to solve problems”

The arrival of the business unit in Argentina a year ago was a natural step in BBVA Spark’s growth: it boasts the fourth most important entrepreneurial ecosystem in Latin America, behind Chile, Colombia and Mexico, and ranks 42nd globally—5 positions higher than in 2023—, according to the ‘Startup Ecosystem Report 2024‘ by StartupBlink.

This achievement becomes even more valuable if the country’s complex economic context is taken into account. According to the report ‘Situación Argentina Primer Trimestre de 2024‘ (‘Argentina Economic Outlook Q1 2024’), created by BBVA Research, inflation is projected to remain high throughout the year and GDP is expected to fall by 4%, although a 6% rebound is expected in 2025. “An entrepreneur who manages to boost his or her business in Argentina can do so anywhere,” says Daniel Gatti, head of BBVA Spark in Argentina.

Economic difficulties continue to forge the resilient, global and creative character of Argentine entrepreneurs, who have found in BBVA Spark a strategic partner that understands their needs in order to drive their growth. “The value proposition we offer makes a difference and has been well received. BBVA Spark’s model is forward-looking, it looks ahead, towards the future of entrepreneurs,” says Gatti.

The ally that drives high-growth enterprises

BBVA Spark has established itself in Argentina as a key player for startups: in one year it has grown to support almost 200. “Argentine entrepreneurs stand out for their talent and natural ability to solve problems,” says Gatti.

Among the startups that BBVA Spark has backed in their growth are the legaltech Complif, the insurtech 123Seguro, the e-commerce companies For_Me and Alephee, the agrotech Auravant and the fintech Alprestamo. These examples also demonstrate the diversity of entrepreneurial verticals in a country where the agrotech and fintech industries strongly dominate.

Technology applied to agriculture has found a favorable breeding ground in Argentina: Buenos Aires ranks third in this industry in Latin America, according to the aforementioned StartupBlink report, and a dedicated cluster has been created in the department of Río Cuarto, driven by producers’ need for technological solutions linked to environmental care. The fintech industry also holds a prominent position: Argentina is the 4th country by number of fintech startups in Latin America and is home to Ualá, the only unicorn in the country at present.

In addition to financial backing, BBVA Spark has also supported entrepreneurs through its presence at specialised events and forums, such as the 4Founders Forum, Spark High Value Connection and Startup Network: Connecting New Markets. “We are not the traditional bank that only offers transactional products. We want to make connections and connect our customers with players that really interest them,” says Paula Patricia Hernández, growth banker at BBVA Spark.

To this end, the business unit has partnered with local entities such as ARCAP (Argentine Association of Private Equity, Venture and Seed Capital) to participate in various activities to support entrepreneurship and promoted meetings at the BBVA Tower in Buenos Aires to generate connections with entrepreneurs. “These events are fundamental because networking is essential in this ecosystem. BBVA and its tower in Argentina are now recognised as the meeting point for entrepreneurs to talk about important issues,” said Gatti.

Argentina, a land of opportunities for entrepreneurship

Buenos Aires maintains its role as the main hub for entrepreneurship in Argentina, although cities like Córdoba, which have seen the birth and evolution of startups like For_Me, are beginning to gain ground. “There are places that are flourishing rapidly and showing a lot of activity. Córdoba, Rosario, Río Cuarto and Mendoza are growing and are becoming increasingly important in the ecosystem,” says Paula Patricia Hernández, growth banker at BBVA Spark.

BBVA Spark will therefore continue to consolidate its position as a strategic partner in which Argentine startups can find the support and tools they need to expand and grow. “In BBVA Spark, entrepreneurs will find a bank that will accompany them in each of their growth stages and will serve them in their own country with the best collection, payment and debt products and services”, said Hernández.

The balance of BBVA Spark’s first year in Argentina is positive, but its head, Daniel Gatti, stresses the need to continue evolving: “We are always iterating and testing, identifying what else we can do because new needs arise every day. It’s good to challenge ourselves, to grow and constantly evaluate ourselves in order to improve.”