Five months after starting its operations, the Mexican fintech Solvento has just raised $ 4.5 million dollars in its first round of investment . Funding was led by Dynamo Ventures, jointly with Wollef Ventures and Zenda Capital. In addition, he has a line of credit from Marco Financial.
Cortesía de Solvento
This fintech, founded by engineers Jaime Tabachnik, Pedro and Guillermo Bosch, was born with the aim of being a solution for a sector that was neglected, and which constitutes one of the pillars of the Mexican economy, according to the partners.
“Shippers are the unsung heroes of the supply chain; They constantly face complications in the collection process, many do not have access to financing and also suffer from many other operational challenges. Despite this, they continue to be the basis of our economy ”, explains Jaime Tabachnik, co-founder and CEO of Solvento.
Indeed, the situation of the trucking industry is peculiar: while it moves no less than 60 billion dollars, it is deeply fragmented. 95% of the more than 200,000 companies in operation have fewer than 30 trucks in their fleets, reflecting an extremely competitive and challenging market.
Added to this is the problem of liquidity for small companies looking to grow their business: on average, companies pay for transportation service about 60 days after delivery, so access to immediate payment is one of the greater needs of the sector.
“In Mexico, small trucking companies represent 95 percent of the market and depend on constant and punctual income to continue operating and grow their businesses. Solvento aims to help them address these issues as a true financial and operating partner, “says Tabachnik on industry insights.
This investment supports the exponential growth that Solvento has experienced, allowing the greater expansion of the solution and the integration of tools that come to relieve the country’s carriers. In fact, this capital boost comes at a key moment: from January 2022, the digitization of invoices will be required, the seal of the Mexican Tax Administration Service (SAT) will be requested and carriers will be obliged to record all the information of the shipment. Through this fintech, drivers will be able to complete this procedure in just a couple of minutes.
The $ 4.5 million raised by the leading carrier-oriented fintech demonstrates its growth potential , estimated at a ten-fold increase over the next six months. The experience and knowledge of the market that this startup has is supported by its 29 current clients, among which are important players in Mexican logistics, such as: Transportes EASO, Onest Logistics and Condumex.
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