- Solvento, a Mexico-based freight FinTech, has raised $12.5M to expand its cross-border trucking services.
- The funding will help scale its payment and financing platform, supporting truckers and logistics providers across Mexico and the US.
In a major boost for the freight sector, FinTech company Solvento has secured $12.5 million in its Series A funding round. This move signals the growing importance of technology in tackling the financial hurdles faced by the trucking industry, particularly in the cross-border segment.
What happened
Solvento, a Mexico City-based platform founded in 2021, provides automated freight payment solutions and invoice financing, catering to truckers and third-party logistics providers (3PLs). This funding round was led by Cometa, with backing from other venture capital firms such as Quona Capital, Ironspring Ventures, Dynamo Ventures, Proeza Ventures, Zenda Capital, and Endeavor Fwd Fund. Additionally, angel investors Adalberto Flores and Tomas Bercovich participated in the round.
The funds will help scale Solvento’s software and financial solutions, expanding its reach across Mexico and into the United States, where the company plans to tap into the cross-border trucking market. Solvento currently serves 500 active carriers, with plans to increase that number to 5,000 by the end of 2025. In the last three years, the company has financed over 100,000 freight invoices, providing more than $180 million in loans to trucking companies.
Why this is important
For years, the trucking industry has struggled with liquidity challenges, especially with truckers often considered uncreditworthy by traditional financial institutions. Solvento’s innovative model offers a solution, ensuring that truckers can receive immediate payments for their services, providing vital cash flow in an otherwise cash-strapped sector. This shift towards tech-driven financial solutions could revolutionise how trucking businesses, particularly small carriers, manage their cash flow and operations.
With over $6 million in projected annual recurring revenue by the end of 2024, Solvento is on track to play a pivotal role in reshaping the freight and logistics industry. By focusing on underserved segments such as cross-border trucking, Solvento’s growth could provide a much-needed lifeline for companies operating in this critical area of the supply chain.
As the trucking sector continues to evolve, FinTech innovations like Solvento are proving essential for enabling growth and providing financial support to businesses that form the backbone of global trade.
