Fintech
Mexico-based Solvento Raises $5 Million Seed Round Led by Ironspring Ventures
- Solvento is rapidly disrupting payment infrastructure for the LatAm transportation industry. Using proprietary technology and data, the Fintech digitizes the complete audit and payment process for shippers, 3PLs and carriers.
- The company will use the capital to further strengthen its product suite, hire talent and expand its commercial footprint.
- Solvento integrates into transportation management systems and logistic workflows so that carriers can have access to payment and credit efficiencies.
Mexico City, Mexico–(Newsfile Corp. – October 7, 2022) – Solvento, the first Fintech focused on the transportation sector in Mexico, announces a $5 million seed round led by Ironspring Ventures.
Solvento
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Solvento is building the payment and credit infrastructure for the LatAm trucking sector benefiting all parties along the supply chain. It automates payments, finances invoices and solves the liquidity needs of carriers, allowing them to focus on their operations and growth. Through its platform, Solvento seeks to build a stronger supply chain through reliable, flexible and easy-to-use tools. The company is on a path to making freight shipment payments easy and trustworthy at every step of the supply chain.
To date, Solvento has granted more than $13 million cumulative loans, helping more than 4,000 truckers improve their financial standing, collecting invoices whenever they need and giving them total certainty on when they will get paid. Automating payments for Mexico’s 3PLs represents a $4.6 billion opportunity in 2022 alone, and is expected to grow to $7.8 billion by 2025.
“Carriers are the unsung heroes of this country,” said Jaime Tabachnik, CEO of Solvento. “Without them our economy does not move. Solvento’s goal is to promote the growth of small and medium-sized carriers. We help both carriers and intermediaries to face their daily problems by simplifying and automating their payment and collection processes.”
Transportation is one of the cornerstones of the Mexican economy. Free and efficient movement enables productivity nationwide, by allowing goods to be relocated from their point of origin to the place where they can generate the most value. LatAm’s trucking market is booming with rising cross-border trade, e-commerce penetration and tech-driven logistics solutions, and it represents a $200+ billion market that is growing annually at more than 10%.
Solvento’s successful business model has been recognized by FreightWaves in their FreightTech 100 ranking (2023) as one of fastest-growing and most innovative companies in the global supply chain ecosystem.
Solvento will leverage the funding to accelerate the development of its trucking-focused Fintech product roadmap, to hire talent in strategic areas, and to expand its commercial efforts to the rest of the country to meet the growing needs of the $200 billion LatAm trucking market.
About Solvento
Solvento is a Mexican Fintech founded in 2021 that offers technological and financial solutions to companies in the trucking sector that allows them to automate and speed up their collections and payments. Solvento has more than 100 clients, including major players in the logistics and trucking sector, such as 99 Minutos, Packengers, Onest Logistics, CLG Transportes, Condumex, Transportes EASO, Liftit, Logtec and GAIA, among others. More at www.solvento.mx.
About Ironspring Ventures
Ironspring Ventures is an early stage venture capital fund investing in digital industrial supply chain innovation. The fund’s sector-focused approach partners with world-class founders and teams who are revolutionizing the way we design, build, distribute and operate in the physical world. More at ironspring.com.
Press Contact:
GDC Consulting
Maria Jose Gonzalez de Cossio
Phone (55) 5167.6086
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139834
Fintech
Central banks and the FinTech sector unite to change global payments space
The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.
Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.
Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).
At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.
The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.
As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.
Source: fintech.globa
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Fintech
TD Bank inks multi-year strategic partnership with Google Cloud
TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.
The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.
This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.
TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.
Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.
TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.
Source: fintechfutures.com
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Fintech
MAS launches transformative platform to combat money laundering
The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.
According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).
Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.
Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.
Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.
Source: fintech.global
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