The Latin American trucking industry is on the brink of a groundbreaking transformation with Solvento’s recent announcement of a $53.5M funding round. The Mexican fintech company aims to revolutionize the sector through its innovative AI-powered software, Solvento Audita, designed to streamline payment processes and enhance overall efficiency.
Founded in 2021, Solvento is a Mexican fintech company dedicated to providing technological and financial solutions for the trucking sector in Latin America. Boasting over 100 clients, including industry giants like Nestlé and 99 minutos, Solvento focuses on automating and expediting collections and payments for logistics and trucking companies.
Solvento Audita, the company’s latest venture, introduces AI-powered automation to the accounts payable process for the on-the-road freight industry. This technology enables the seamless automation of payments, invoice financing, and liquidity solutions, addressing the critical deficit in driver capacity. The solution allows carriers and truckers to focus on operational growth while ensuring quicker payments and improved financial stability.
About the Funding
Solvento recently secured 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. This substantial funding will drive the development of Solvento’s products and expand commercial efforts to meet the burgeoning demands of the $200 billion Latin American trucking market.
Solvento Audita in Action
Solvento Audita utilizes APIs to seamlessly integrate into existing software, reading and detecting various documents that traditionally required manual handling. This includes digitizing Proof of Delivery (POD) documents, extracting information, and validating invoicing accuracy. Notably, the software ensures compliance with agreed-upon terms, including intricate and unstandardized accessorial charges. Companies such as Nestlé and 99 minutos have already experienced remarkable efficiency gains, reducing a 15-day manual process to just a few hours.
The Impact on Financial Operations
Solvento’s innovative technology not only streamlines financial operations but also optimizes accounts payable processes, enhances fraud detection, and improves risk management. Alexis Patjane, CEO at 99 minutos, attests to the significant efficiency gains, highlighting the solution’s multifaceted benefits.
As Solvento charts its course to become the de facto payment platform for truckers in Mexico and cross-border trucking, the $53.5M funding will play a pivotal role in realizing this ambitious vision. By addressing the long-standing challenges faced by the Latin American trucking industry, Solvento stands at the forefront of transforming the sector into a more efficient, technologically advanced, and financially inclusive ecosystem.
How does Solvento Audita benefit trucking companies?
Solvento Audita automates the end-to-end accounts payable process, allowing trucking companies to streamline payments, finance invoices, and address liquidity needs. This results in faster payments to drivers, addressing the concerning deficit in driver capacity.
What impact does Solvento Audita have on financial operations?
Solvento Audita has seen remarkable efficiency gains, reducing a 15-day manual process to just a few hours. It not only improves financial operations but also enhances fraud detection, optimizes accounts payable processes, and contributes to overall risk management.
How will the $53.5M funding be utilized by Solvento?
The funding will be used for the further development of Solvento’s products, particularly Solvento Audita, and to expand commercial efforts to meet the growing needs of the $200 billion Latin American trucking market.