Trucking FinTech Solvento Secures $50 Million Debt Facility, Launches AP Automation

Solvento has secured a $50 million debt facility and equity to further develop and expand the use of its payment and credit infrastructure for Latin America’s trucking sector.

The Mexican FinTech company has also launched an artificial intelligence (AI)-powered software solution that automates the accounts payable (AP) process for the on-the-road freight industry, according to a Wednesday (Dec. 6) press release.

“We are helping shippers, third-party logistics companies and carriers to save huge amounts of time and money by automating the most complex and time-consuming parts of their business, while contributing to higher levels of financial inclusion,” Jaime Tabachnik, co-founder and CEO of Solvento, said in the release.

The new AP automation solution, Solvento Audita, uses application programming interfaces (APIs) to integrate into any existing software, according to the release. With this tool, companies that hire truckers can collect digitized proofs of delivery (PODs), extract information, and ensure that they were concluded and invoiced correctly.

With the addition of this software, Solvento’s infrastructure can automate payments, finance invoices and solve carrier’s liquidity needs, the release said.

The new lending facility from Lendable enables shippers and brokers to offer quick pay, injecting working capital into the supply chain to help carriers pay their drivers faster, per the release.

“Solvento’s take on the transportation industry is creating a line of capital and credit infrastructure that the region/industry doesn’t see often,” Iñaki Garcia, head of LatAm investments at Lendable, said in the release. “We’re proud to help facilitate this move into a more inclusive and diverse financial state.”

PYMNTS Intelligence has found that 55% of transportation companies see innovating AP platforms as an important goal.

Among the companies in the sector that have already automated their AP processes, 61% are highly satisfied with the results, according to “Accounts Payable Automation: Transportation Companies Innovate to Drive Growth,” a PYMNTS and Routable collaboration.

In another recent development in this space, Web3 platform MaxxChain said Nov. 17 that it has introduced blockchain solutions for the logistics sector. The firm said its solution promises a “secure and immutable data environment” that lessens the risks connected to the traditional factoring process.