- Solvento is rapidly disrupting payment infrastructure for the LatAm transportation industry. Using proprietary technology and data, the Fintech digitizes the complete audit and payment process for shippers, 3PLs and carriers.
- The company will use the capital to further strengthen its product suite, hire talent and expand its commercial footprint.
- Solvento integrates into transportation management systems and logistic workflows so that carriers can have access to payment and credit efficiencies.
MEXICO CITY, MEXICO / ACCESSWIRE / October 5, 2022 / Solvento, the first Fintech focused on the transportation sector in Mexico, announces a $5 million seed round led by Ironspring Ventures. Other investors in the round include Quona Capital, Proeza Ventures, Dynamo Ventures, Zenda Capital, Susa Ventures, 9Yards Capital and Supply Chain Collective. A group of angel investors also participated, including Felipe Capella (CEO and Co-founder of Loadsmart), Craig Fuller (CEO & founder of Freightwaves) and Alexis Patjane (CEO and Founder of 99 Minutos).
Solvento is building the payment and credit infrastructure for the LatAm trucking sector benefiting all parties along the supply chain. It automates payments, finances invoices and solves the liquidity needs of carriers, allowing them to focus on their operations and growth. Through its platform, Solvento seeks to build a stronger supply chain through reliable, flexible and easy-to-use tools. The company is on a path to making freight shipment payments easy and trustworthy at every step of the supply chain.
To date, Solvento has granted more than $13 million cumulative loans, helping more than 4,000 truckers improve their financial standing, collecting invoices whenever they need and giving them total certainty on when they will get paid. Automating payments for Mexico´s 3PLs represents a $4.6 billion opportunity in 2022 alone, and is expected to grow to $7.8 billion by 2025.
"Carriers are the unsung heroes of this country." said Jaime Tabachnik, CEO of Solvento. "Without them our economy does not move. Solvento's goal is to promote the growth of small and medium-sized carriers. We help both carriers and intermediaries to face their daily problems by simplifying and automating their payment and collection processes".
Transportation is one of the cornerstones of the Mexican economy. Free and efficient movement enables productivity nationwide, by allowing goods to be relocated from their point of origin to the place where they can generate the most value. LatAm's trucking market is booming with rising cross-border trade, e-commerce penetration and tech-driven logistics solutions, and it represents a $200+ billion market that is growing annually at more than 10%.
Solvento´s successful business model has been recognized by FreightWaves in their FreightTech 100 ranking (2023) as one of fastest-growing and most innovative companies in the global supply chain ecosystem.
"Bolstered by the Mexico transportation tailwinds of reshoring, e-commerce growth, and regulatory disclosure mandates, the Solvento team has executed extremely well as a first mover FinTech logistics solution with a rapidly expanding loan book and over 15,000 freight invoices financed in less than a year. And as an Austin, Texas-based VC fund focused on supply chain, we've watched closely how accelerated cross-border trade between the US and Mexico will only further Solvento's mission," said Ironspring Ventures General Partner, Ty Findley. Findley will join Solvento's Board of Directors.
"Independent truckers are the lifeblood of the Mexican economy, but are poorly served by financial institutions. The existing manual paper-based processes cause significant delays in invoice reconciliation and settlement, creating cash flow pressures for MSME carriers who represent ~50% of the market," said Rafa de la Guia, Partner at Quona Capital. "Solvento's verticalized SaaS and embedded finance solutions allow access to much faster payments and credit."
Solvento will leverage the funding to accelerate the development of its trucking-focused Fintech product roadmap, to hire talent in strategic areas, and to expand its commercial efforts to the rest of the country to meet the growing needs of the $200 billion LatAm trucking market.
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About Solvento
Solvento is a Mexican Fintech founded in 2021 that offers technological and financial solutions to companies in the trucking sector that allows them to automate and speed up their collections and payments. Solvento has more than 100 clients, including major players in the logistics and trucking sector, such as 99 Minutos, Packengers, Onest Logistics, CLG Transportes, Condumex, Transportes EASO, Liftit, Logtec and GAIA, among others. More at www.solvento.mx
About Ironspring Ventures
Ironspring Ventures is an early stage venture capital fund investing in digital industrial supply chain innovation. The fund's sector-focused approach partners with world-class founders and teams who are revolutionizing the way we design, build, distribute and operate in the physical world. More at ironspring.com
About Quona Capital
Quona Capital is a venture firm focused on fintech that can expand access for underserved customers and small businesses in emerging markets including Latin America, South and Southeast Asia, Africa and the Middle East. Quona's global partners are experienced investors and operators in both emerging and developed markets, and invest in entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion for both consumers and SMEs. More at quona.com
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SOURCE: Solvento