Initially, Solvento started by offering working capital loans to small carriers. But now, its vision is to be the financial platform for all freight payment-related activities. It is targeting freight industry aggregators entering Mexico to boost scale. These aggregators' cross-border customers need to pay Mexican freight players in their home markets and currencies, which Solvento provides a plug-and-play solution for.
The Solvento Audita uses APIs to integrate into existing software, reading and detecting documents and validating them. This auditing process, which is mostly done manually in Mexico and the US, offers proof of delivery and payment warrant. The combination of freight auditing, payment, and factoring is powerful, offering a "magnificent wedge" to verticalize its product suite and transform the freight market. By achieving immediate payments after delivery and audit, it can change the industry and bring more drivers.
With the Series A funding, Solvento is building its sales team and will release a new product, Rate Insights, to help firms compare rates with industry benchmarks. It also aims to create a "ratings" product for both sides of the platform to help carriers make informed decisions. The next two years will focus on modernizing Mexico's freight industry before expanding geographically. As Tabachnik said, "Mexico is big enough for us to build something gigantic."
In conclusion, Solvento is at the forefront of addressing the challenges in the freight industry and is set to make significant impacts with its innovative solutions and funding. It is playing a crucial role in strengthening supply chains and transforming the way freight payments are handled.