Solvento, “the first fintech focused on the transportation sector in Mexico,” announced today a US$5 million capital raise. The round was led by Ironspring Ventures, a VC from Austin, Texas, making its first investment in a company outside the US.
Several other funds (Quona Capital, Proeza Ventures, Dynamo Ventures, Zenda Capital, Susa Ventures, 9yards Capital, and Supply Chain Collective) and angel investors, including founders of Loadsmart, Freightwaves, and 99 Minutos, participated in the round.
According to the company’s press release, Solvento solves many financial needs for carriers: automating payments, invoice financing, and credit. By having those issues solved, they can “focus on their operation and growth.”
The company, which has been in operation since 2021, revealed that it has accumulated $13 million in loans, which have gone to more than 4,000 carriers.
Jaime Tabachnik, co-founder and CEO of Solvento, called carriers in Mexico “unsung heroes.” “Without them, our economy doesn’t move,” he said.
Solvento noted that opportunities are growing in the Latin American transportation market due to recent developments, such as the penetration of e-commerce and technology-driven logistics solutions.
Ty Findley, General Partner at Ironspring Ventures, called Solvento “an innovative fintech solution with a rapidly expanding customer base” and said that cross-border trade between the U.S. and Mexico will accelerate Solvento’s mission.
Solvento reported that it will use this infusion of resources to develop its platform, hire talent and grow in Mexico.
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