Solvento – a fintech company that automates payments, finances invoices, and addresses liquidity needs for carriers in the trucking industry in Mexico and the US – announced it raised $12.5 million in its Series A funding round.
Cometa led the funding round, which included Quona Capital, Ironspring Ventures, Dynamo Ventures, Proeza Ventures, Zenda Capital, and Endeavor Fwd Fund. Notable angel investors also included Adalberto Flores, Founder and CEO of Kueski, and Tomas Bercovich, Founder and CEO of Global 66.
Solvento’s platform automates freight payments and finances invoices for truckers and third-party logistics (3PL) providers. And it enables immediate payments for shippers and keeps their cash flow positive as they scale their businesses. This payment process traditionally takes 60 days on average. Solvento solves this problem in seconds.
With this funding round, Solvento aims to scale its software and financial solutions throughout Mexico and expand its services to U.S. companies entering the cross-border market, driven by the growing nearshoring trend. And by providing immediate payment solutions, Solvento is projected to grow from 500 active carriers using its platform to 5000 by the end of 2025.
The logistics industry in Mexico is on the brink of significant growth. But the the trucking sector is dominated by small and medium-sized enterprises (SMEs) and they struggle with liquidity issues that hinder their ability to meet rising demands.
Since its founding in 2021, Solvento has raised $10 million in equity and $53 million in debt. The company has also provided over $180 million in cumulative loans to over 1,400 trucking companies, with a rapidly expanding loan book and over 100,000 freight invoices financed in 3 years.
KEY QUOTES:
“Historically, traditional financial institutions and fintechs have overlooked truckers, often deeming them uncreditworthy. This misjudgment stems from a lack of understanding of the industry’s dynamics and the immense challenges these hardworking and usually forgotten people face. Truckers are the backbone of our economy, without them we wouldn’t have a functioning society.”
“In Mexico, financial markets are dominated by a few very large players that do not meet the needs of specific regions and industries. Even though Mexico is the most profitable region in the world for many big banks and finance companies, they still do not have the interest or the distribution muscle to serve an industry as fragmented and particular as the trucking industry. This is why today’s carriers often have as their only financing alternative to resort to loan sharks that abuse their situation with very unfavorable and predatory conditions.”
– Jaime Tabachnik, CEO at Solvento
“We are partnering with Jaime, Guillermo, and Pedro on this
transformative journey because their outstanding team is leading the professionalization of supply chains in Latin America with innovative financial solutions. As nearshoring reshapes global trade, Mexico’s strategic importance grows, and Solvento’s cutting-edge technology is redefining supply chains, optimizing cross-border operations, and enhancing the region’s logistics efficiency.”
– Pepe Bolaños, Managing Partner at Cometa
