Solvento Raises $4.5 Million to Automate Payment Processing For The 200,000 Trucking Companies in Mexico’s $60 Billion Trucking Industry

Solvento, the platform that automates payment processing for trucking companies in Latin America, today announced it has raised $4.5 million in debt and equity funding led by Dynamo Ventures with participation from Wollef Ventures, Zenda Capital, and Marco Financial.

The trucking industry in Mexico is highly fragmented, with more than 200,000 companies in operation. 95 percent of trucking companies have less than 30 trucks in their fleets which means getting regular work and generating revenue is extremely competitive and challenging. Additionally, it’s common practice for shippers to not even pay truckers for 60 days on average after the goods have been delivered. So if a small trucking company wants to grow its business, it essentially is forced to pay 60 days of working capital upfront out of its pocket, which makes surviving in the already crowded market that much more difficult. 

Solvento is building a platform to alleviate the cash flow crunch by providing technology and extending credit lines to truckers so they are able to collect invoices the minute the goods are delivered. Solvento integrates its platform into existing logistics management systems already used by truckers and shippers. When a trucker invoices the shipper upon completing delivery, Solvento underwrites the invoice and advances the payment on the shipper’s behalf. 

Solvento’s platform also helps truckers automatically navigate government compliance. Starting in January 2022, Mexico will implement a new requirement that each invoice be stamped by the Mexican Tax Administration Service (SAT) prior to services beginning that disclose everything about the shipment (type of merchandise, who owns it, insurance, origin, destination, bill of lading, etc.). Solvento allows truckers and shippers to seamlessly complete that process electronically on the platform. 

“Truckers are the unsung heroes of the supply chain, yet they often struggle due to constraints on revenue, dealflow, government oversight, and a host of other issues,” said Jaime Tabachnik, co-founder and CEO of Solvento. “In Mexico, small trucking companies make up 95 percent of the market and they depend on consistent, on-time revenue to continue functioning and growing their businesses. Solvento aims to help them navigate those issues as a true financial and operational partner.”

Solvento is already working with 27 active trucking, shipping, and logistics customers and expects that to grow 10x over the next six months. Among those customers are Transportes EASO, Onest Logistics, and Condumex.

“Truckers front nearly two-thirds of the expenses associated with moving a load but get payment from large carriers and shippers 45-60 days after providing transportation services,” said Santosh Sankar, partner at Dynamo Ventures. “We’re excited by Solvento’s offering that fills this cash flow gap by offering payment and credit solutions in an easy and cost efficient way to truckers who are the backbone of any economy.”

Solvento was founded in 2021 by Tabachnik, and brothers Guillermo and Pedro Bosch. Tabachnik was previously Director of Operations for Tamex, an electrical component supply company, where he was in charge of forecasting and distribution of products across all operations across 30 branches in Mexico. He then became CEO of Biis Logistics, a digital trucking brokerage firm that onboarded small truckers to provide services to shippers. At Biis, truckers called him everyday asking to get paid for their services, which is when Tabachnik realized there was a major opportunity to address the micro trucking market. Pedro Bosch is an industrial engineer that started his professional career taking charge of implementing the ERP in an energy startup business. He then partnered with his brother to start a payroll lending business that gave employees immediate access to their daily earned wages as opposed to waiting for payday. Before founding the payroll lending business, Guillermo Bosch started his career working for Accenture.

About Solvento
Solvento is a leading platform built to help trucking companies, shippers, and logistics management companies seamlessly automate payment processing and streamline operations to alleviate revenue and bottleneck issues within Latin America. Solvento provides technology and extends credit lines to truckers so they are able to collect invoices the minute the goods are delivered, rather than months down the road. Solvento integrates its platform into existing logistics management systems already used by truckers and shippers so truckers can benefit with no interruption to their daily work. For more information, visit solvento.mx. 

Contact Information

James Christopherson

PR Manager

Solvento

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