FinTech

Solvento raises $12.5 million to expand cross-border trucking

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...

https://www.freightwaves.com/news/solvento-raises-12-5-million-to-expand-cross-border-trucking

How global trade actors are turning to fintech to tackle fraud

With billions of dollars processed every day, cross-border trade payments have become increasingly complex. Companies must navigate a range of banks, clearinghouses and payment processors, all of which assess fees and contribute to potential delays.

Traditionally, cross-border payments are slow, opaque and costly, causing cash flow problems for businesses. For instance, intermediary banks involved in transactions each add fees and processing time, making total transaction costs less transparent...

https://www.freightwaves.com/news/how-global-trade-actors-are-turning-to-fintech-to-tackle-fraud

Coast closes Series B, gets funds from Synchrony for fintech platform

Fleet spending management company Coast announced it has closed a $40 million Series B led by Iconiq Growth and including participation from existing investors Accel, Insight Partners, Vesey Ventures, Avid Ventures and its newest investor, Thomvest.

The funding round also featured an undisclosed investment from financial services provider Synchrony. Coast views this as a strategic partnership since Synchrony serves many of Coast’s customers in the tire, auto parts and repair sectors, including...

https://www.freightwaves.com/news/coast-closes-series-b-gets-funds-from-synchrony-for-fintech-platform

FreightTech Friday: FreightVana debuts fleet payment card; tech earnings in

Logistics provider FreightVana recently announced it has partnered with fintech provider AtoB to offer fleets a payment card and platform to manage driver spending over the road.

“The small carriers and owners just don’t have the benefits or purchasing power like their large competitors,” Shannon Breen, co-CEO and co-founder of FreightVana, told FreightWaves. “We can leverage our brand, our partnerships and our debt capabilities to reduce costs. … Anything we can do to pass along some savings...

https://www.freightwaves.com/news/freighttech-friday-freightvana-debuts-fleet-payment-card-tech-earnings-in

OTR Solutions acquires back-office automation platform Epay Manager

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Transportation fintech provider OTR Solutions announced Tuesday it has acquired back-office...

https://www.freightwaves.com/news/otr-solutions-acquires-back-office-automation-platform-epay-manager

Sensor analytics for robotic trucks could provide reverse benefit

Back in February, the predictive analytics software experts at Uptake cut a deal with Daimler Truck to use its data-as-a-service model to tell when any of 160 possible faults and failures could happen. This could result in huge savings for fleets adding the software.

How would this play out for driverless trucks.

“You’re going to see a greater amount of sensor data and information coming out of each one of these trucks,” said Jim Lowell, vice president of technology for Chicago-based Uptake....

https://www.freightwaves.com/news/sensor-analytics-for-robotic-trucks-could-provide-reverse-benefit

Fintech platform Navix raises $5M, captures interest of industry angel investors

Logistics fintech platform Navix announced Tuesday it has secured $5 million in seed funding from several strategic and angel investors, including Tommy Barnes, logistics veteran and chief revenue officer of less-than-truckload platform MyCarrier, and Rob Estes, chairman and CEO of LTL carrier Estes Express Lines.

In an interview with FreightWaves, Navix co-founder Eric Krueger explained that after founding the company in June 2021 it has been flying under the radar — self-funded — and working...

Solvento ‘leveling the financial playing field’ for Latin American trucking companies

Increased internet connectivity and usage have led to rapid growth in Mexico’s e-commerce sales; global tensions have increased the United States’ reshoring efforts in the region; and major highway projects have resulted in a Mexican road freight market valued at $82 billion with a forecast compound annual growth rate of 9.91% through 2027.

But Latin American trucking companies and freight brokers “have been incredibly ignored by the financing sector,” according to Jaime Tabachnik, CEO of...

https://www.freightwaves.com/news/solvento-leveling-the-financial-playing-field-for-latin-american-trucking-companies

Viewpoint: More efficient payments today, more efficient supply chains tomorrow

This commentary was written by Sven Hinrichsen, senior vice president of strategy for Corpay Payables. The views expressed here are solely those of the author and do not necessarily represent the views of Modern Shipper or its affiliates.

The pandemic accelerated the digitization of B2B payments. Companies are seeing new cost and process efficiencies from their digitization efforts, especially with travel & expense (T&E) cards and vendor payments. But what’s most exciting are the new...

https://www.freightwaves.com/news/viewpoint-more-efficient-payments-today-more-efficient-supply-chains-tomorrow

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