Mexico-based Solvento Raises $5 Million Seed Round Led by Ironspring Ventures
- 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--(Newsfile Corp. - October 7, 2022) - Solvento, the first Fintech focused on the transportation sector in Mexico, announces a $5 million seed round led by Ironspring Ventures.
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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.
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.
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.
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