• Cabify said it made money by offering discounts more efficiently;
• The company also says that it chooses more strategically where to operate. Currently, it is present in Spain and in five Latin American countries.

The Spanish app Cabify said it is the first profitable company among mobility startups in the world. The statement was given in an interview with the Financial Times.

“Now the business can be sustained and survive,” Juan de Antonio, the group’s founder and CEO, told the British newspaper. “What is happening in the rest of the industry is very different … It is a unique achievement”, he added.

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According to FT, Cabify reported revenues of $29 million in the last three months of 2019, and an EBITDA (earnings before interest, taxes, depreciation and amortization) of $3 million. Uber and Lyft, which went public last year and have suffered losses in the value of their shares since then. The market has questioned the sustainability of these businesses.

Cabify said it made money by offering discounts more efficiently. The company also says that it chooses more strategically where to operate. Currently, it is present in Spain and in five Latin American countries (Brazil, Mexico, Argentina, Chile and Uruguay).