After only five months of operation, Mexican fintech company Solvento has closed its first funding round: US$ 4.5 million in a round led by Dynamo Ventures and followed by Wollef Ventures and Zenda Capital.
Founded by engineers Jaime Tabachnik, Pedro and Guillermo Bosch, Solvento has built a solution to serve logistics companies in Mexico, through a platform that allows the management and automation of payment and collection processes. A newcomer in the market, Solvento already has 29 clients from the logistics and freight delivery sector, including large companies in the country, such as Transportes EASO, Onest Logistics y Condumex.
According to its founders, the fintech was started with the proposal to help a sector that is “totally neglected, but is one of the pillars of the Mexican economy.” According to the fintech, the trucking industry in Mexico is worth somewhere around $60 billion, but it is quite fragmented – 95% of the companies are small businesses, operating with fleets of less than 30 trucks.
Small companies face a constant problem of liquidity, as they are generally paid for their services around 60 days after; access to prompt payment is one of the industry’s greatest demands. Solvento CEO Tabachnik says that when he worked at a logistics company, “carriers called every day asking to be paid for their services.”
“These companies are the forgotten heroes of the supply chain, constantly facing difficulties in the billing process, access to financing, and other operational issues,” explains Tabachnik. “In Mexico, small freight delivery companies depend on consistent revenues to continue operating and growing their business. Solvento stands as a financial and operational partner for them.”
The newly raised funds will be invested in improving the solution and integrating the platform with other features. As of January of next year, invoices issued in Mexico will have to be digitized and logistics companies will be required to register all information regarding the shipment and transportation of cargo. Solvento expects an increase in its demand and projects a tenfold growth over the next six months.