Solvento, the first fintech focused on the transportation sector in Mexico, announced a $5M seed round. Ironspring Ventures led the round, and other participants were Quona Capital, Proeza Ventures, Dynamo Ventures, Zenda Capital, Susa Ventures, 9yards Capital, and Supply Chain Collective.
Solvento is transforming Mexico’s payment infrastructure for the trucking industry. Via proprietary technology and data, the startup digitalizes the entire audit and payment process for shippers, logistics operators, and carriers. It automates payments, finances invoices, and solves the liquidity need for carriers, allowing them to focus on their operations and growth.
“Carriers are the unsung heroes of this country; without them, our economy does not move. Our goal is to promote the growth of small and medium-sized carriers, as well as to help intermediaries address their daily problems by simplifying and automating their payment and collection processes,” says Jaime Tabachnik, CEO of Solvento.
To date, Solvento has provided cumulative loans for more than $13M dollars, helping more than 4,000 carriers improve their financial situation, collecting invoices when they need them, and providing them certainty on the day they will be paid. According to Rafa de la Guia, partner at Quona Capital,
“Independent motor carriers are the lifeblood of the Mexican economy, but are underserved by traditional financial institutions. Existing manual, paper-based processes cause significant delays in invoice reconciliation and settlement, creating cash flow pressures for SMEs that represent ~50% of the market (…) Solvento’s integrated finance and verticalized SaaS solutions enable access to much faster payments and credits.”