Solvento, a Mexican startup specializing in logistics, announced that it has secured a debt line of USD$50 million from the investment platform Lendable and a seed funding round of USD$3.5 million led by Quona Capital.
Dynamo Ventures, Ironspring Ventures, Proeza Ventures, and Zenda VC are also investing to expand their loan product in Latin America, focusing on Mexico.
Additionally, the financial technology startup based in Mexico City revealed the launch of Solvento Audita, an audit and billing software powered by Artificial Intelligence designed to provide transparency throughout the supply chain.
“Unfortunately, we continue to live in a paper world. Shippers do not benefit from eliminating paperwork because the inefficient process often gives them more time to pay.
“We believe in acquiring this working capital to digitize these processes. Recognizing the root cause of the slowness of payments has inspired us because we believe we can break these paradigms, drive digitization, and significantly impact the Latin American economy,” explained Jaime Tabachnik, co-founder and CEO of Solvento.
Since its establishment in 2021, Solvento has raised a total of USD$10 million in capital and has already repaid USD$3 million from a previous debt line.
Solvento Audita uses the APIs of transport management systems and popular applications in Latin America, such as WhatsApp, to automatically recognize and verify the documentation required for billing.
This automated approach replaces the manual practice commonly performed by shippers and brokers, ensuring the accuracy of the requested information.
According to Tabachnik, CEO of Solvento, fiscal regulations in Mexico have become more complex, making Artificial Intelligence more crucial than ever to ensure proper billing.
In the context of these innovations, the importance of the Carta Porte stands out, a digital document implemented by the Mexican Tax Administration Service (SAT) since January 2022.
This document accompanies the Comprobante Fiscal Digital por Internet (CFDI) to improve control of goods transportation in Mexico.
“This is an excellent opportunity for Mexico to be the largest trading partner of the United States and drive all these new investments. We are very excited to show companies the amount of benefits they are missing out on with the software we have built.
“We are also very excited to have an incredible social impact by helping carriers grow their business that has lacked access to working capital for decades,” revealed Tabachnik.
The recent update, Carta Porte 3.0, started on November 25, offering a grace period until January 1 for users to adapt to modifications to improve the integrity and accuracy of the information on the waybill.
These regulatory changes aim to address smuggling and fraud affecting domestic supply chains in the United States.
