Solvento, a Mexican fintech focused on financing small and large transport companies and a pioneer in this sector in Mexico, recently announced a $5 million seed investment.
U.S. fund Ironspring Ventures led the round, in which Quona Capital, Proeza Ventures, Dynamo Ventures, Zenda Capital, Susa Ventures, 9yards Capital, and Supply Chain Collective participated.
A group of angel investors, including Felipe Capella (CEO and co-founder of Loadsmart), Craig Fuller (CEO and founder of Freightwaves), and Alexis Patjane (CEO and founder of 99 Minutes), also contributed capital to the company in this round.
Easy-to-use financial solutions
Through its platform, Solvento seeks to build a more robust supply chain through reliable, flexible, and easy-to-use financial solutions.
This new investment comes in addition to its $4.5 million pre-seed round, led by Dynamo Ventures, with Wollef Ventures and Zenda Capital participation.
Solvento has been operating in the market since 2021 and recently disclosed that it has accumulated $13 million in loans, targeting more than 4,000 carriers.
The company develops financial systems that enable immediate payments to shippers, creating a significant positive impact on the entire supply chain in this sector. Its platform offers automated payment solutions, accounting for invoices, and liquidity planning.
Simplified automatic payments
“Transporters are the unsung heroes of this country (Mexico). Without them, our economy does not move. Our goal is to promote the growth of small and medium-sized carriers and help intermediaries address their daily problems by simplifying and automating their payment and collection processes,” said Jaime Tabachnik, co-founder and CEO of Solvento.
Tabachnik commented that it would use this infusion of resources to accelerate the development of its digital platform, hire talent in strategic areas and expand its commercial efforts to the rest of the country to meet the growing needs of the Latin American trucking market, which is currently valued at close to $200 billion.
The Latin American trucking market is at a time of exponential growth due to increased cross-border trade, e-commerce penetration, and technology-driven logistics solutions.
According to the company, in Mexico alone, carrier payment automation will represent an opportunity of approximately $4.6 billion this year – growth of $7.8 billion is also expected through 2025.
Innovative regional fintech
In a public note to the market, Ty Findley, General Partner at Ironspring Ventures, noted that bolstered by new trends in transportation relocation, e-commerce growth, and regulatory changes, the Solvento team has performed as a very innovative regional fintech solution.
“With a rapidly expanding customer base and over 15,000 freight invoices funded in less than a year, Solvento has established itself as a fast-growing startup attacking a major industry pain. As an Austin, Texas-based, supply chain-focused venture capital fund, we have been watching closely how cross-border trade between the US and Mexico will only accelerate Solvento’s mission,” said Findley, who will join Solvento’s board of directors as part of the deal.
The Mexican fintech claims to have more than 100 transportation and logistics clients, including 99 Minutes, Packengers, Onest Logistics, CLG Transportes, Condumex, Transportes EASO, Liftit, Logtec, and GAIA, among others.
Solvento currently covers the three largest cities in Central America: Mexico City, Guadalajara, and Monterrey.