Freight payments platform Solvento has raised $12.5m in its Series A funding round led by venture capital firm Cometa.
The funding round also saw participation from Quona Capital, Ironspring Ventures, Dynamo Ventures, Proeza Ventures, Zenda Capital, and Endeavor Fwd Fund, according to a report from Freight Waves.
Angel investors included Adalberto Flores, founder and CEO of Kueski, and Tomas Bercovich, founder and CEO of Global 66.
Mexico City-based Solvento, a FinTech platform established in 2021, provides automated freight payment solutions and invoice financing for truckers and third-party logistics providers (3PLs). The company’s technology enables immediate payments for shippers, addressing liquidity challenges in the trucking sector.
The funds will be used to scale Solvento’s software and financial solutions across Mexico and expand its services to US companies involved in the cross-border trucking market.
Jaime Tabachnik, co-founder and CEO of Solvento, said, “Traditional financial institutions and fintechs have overlooked truckers, often deeming them uncreditworthy. This misjudgment stems from a lack of understanding of the industry’s dynamics and the immense challenges these hardworking and usually forgotten people face. Truckers are the backbone of our economy, without them we wouldn’t have a functioning society.”
The Solvento platform currently supports 500 active carriers and aims to increase this number to 5,000 by the end of 2025. The company has provided over $180m in cumulative loans to more than 1,400 trucking companies, financing over 100,000 freight invoices in the past three years. Solvento projects $6m in annual recurring revenue by the end of 2024.
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