Solvento has raised $12.5 million in a Series A funding round led by venture capital firm Cometa.
Other participants include Quona Capital, Ironspring Ventures, Dynamo Ventures, Proeza Ventures, Zenda Capital and Endeavor Fwd Fund. Notable angel investors include Adalberto Flores, founder and CEO of Kueski, and Tomas Bercovich, founder and CEO of Global 66.
Jaime Tabachnik, co-founder and CEO of Solvento, said the funds will be used to scale its software and financial solutions throughout Mexico and expand its services to U.S. companies entering the cross-border market.
Mexico City-based Solvento is a platform that automates freight payments and finances invoices for truckers and 3PLs. It enables immediate payments for shippers.
Related: Solvento pushing digitization with invoicing software, $53.5M in debt and new funding
“Traditional financial institutions and fintechs have overlooked truckers, often deeming them uncreditworthy,” Tabachnik said in a news release. “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.”
Mexico’s trucking sector, which is 95% small and medium-size enterprises, often struggles with liquidity issues that hinder its ability to meet rising demand, Tabachnik said.
While the payment process traditionally takes 60 days on average, Solvento’s platform provides immediate solutions, the company said. Solvento expects to grow from 500 active carriers using its platform to 5,000 by the end of 2025.
Solvento, which was founded in 2021, has raised $10 million in equity and $53 million in debt. The company has provided over $180 million in cumulative loans to more than 1,400 trucking companies, with an expanding loan book and more than 100,000 freight invoices financed in the past three years.
Solvento officials said the company is projected to achieve $6 million in annual recurring revenue by the end of the year.
Pepe Bolanos, managing partner at San Francisco-based Cometa, said Solvento’s payment solutions will help expand cross-border trade between Mexico and the U.S.
“As nearshoring reshapes global trade, Mexico’s strategic importance grows, and Solvento’s cutting-edge technology is redefining supply chains, optimizing cross-border operations, and enhancing the region’s logistics efficiency,” Bolanos said in a statement.
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