Solvento, a pioneering fintech company from Mexico, focused on the trucking sector in Latin America, has made a significant leap forward by securing a $53.5 million funding round. This investment is set to launch their AI-powered software, Solvento Audita, aimed at automating the accounts payable process for the on-the-road freight industry.
The innovative approach of the LatAm company comes at a time when the trucking industry is ripe for transformation. With AI and driverless vehicles on the horizon, companies like Solvento are employing revolutionary technology to enhance vehicle safety and optimize fleet efficiency.
Funding Details and Future Plans
The funding round includes a $50M debt facility from Lendable and an oversubscribed $3.5M seed extension led by Quona Capital, with participation from Dynamo Ventures, Ironspring Ventures, Proeza Ventures, and Zenda VC. The fintech plans to use this investment to double its size, build an industrial manufacturing facility, bring in new hires, and focus on strengthening its R&D and product development capabilities.
Introducing Solvento Audita: AI-Powered Payments
Solvento Audita is set to automate the end-to-end accounts payable process in the freight industry. This AI-powered software will revolutionize how payments are managed, financing invoices, and solving liquidity needs of carriers. It enables shippers and brokers to offer quick pay solutions, injecting working capital into the supply chain for the benefit of carriers and truckers alike.
Impact on Carriers and the Supply Chain
The solution of the fintech is designed to help carriers pay their drivers faster, addressing the concerning deficit in driver capacity. This approach not only benefits the carriers but also contributes to higher levels of financial inclusion. According to Jaime Tabachnik, Co-Founder & CEO of Solvento, 53% of customers report an increase in quality of life, while 29% report an increase in their money earned since using Solvento’s solution.
Solvento Audita’s Technological Edge
Solvento Audita uses APIs to integrate into any existing software, capable of reading and detecting any type of document and validating it. This process, traditionally done manually, is now automated, enhancing efficiency and reducing time from a 15-day manual process to just a few hours. The software is already showing remarkable efficiency gains in companies like Nestlé and 99 minutos.
Expansion and Market Reach
With this funding, the startup aims to further develop its product and expand its commercial efforts to meet the growing needs of the $200 billion LatAm trucking market. Founded in 2021, the company has already garnered more than 100 clients, including major players in the logistics and trucking sector.
A New Era for Trucking and Logistics
The funding round marks a new era in the trucking and logistics industry in Latin America. With its AI-driven solutions, Solvento is poised to transform the way the trucking industry operates, making it more efficient, sustainable, and financially inclusive.