AI27, Solvento to Create AI-Based Financial Solution for SMEs

The Multiple Purpose Financial Institution (SOFOM) Solvento, announced a strategic partnership with the technology-based logistics security company AI27 to democratize the access to financial services among SMEs. According to Jaime Tabachnik, CEO and Co-founder, Solvento, the partnership aims to create a loan preauthorization platform to facilitate access to financial services. 

The platform will be powered by the information both companies generate. “We aim to reach over 1,000 carriers in the first year. We are certain that the way to create value is through the data that each company has regarding industry behavior and we will build predictive models that will allow us to make safer and more intelligent decisions tailored to the logistics industry," Tabachnik said, highlighting the issue of cash flow for the sector, especially for smaller companies. 

Christian Rauda, CEO, AI27, said the partnership will benefit this sector, which has been historically neglected in terms of security and access to financial services. Rauda added that the partnership will create a single product to serve truck drivers, saying that size will no longer be a limiting factor, as its system allows smaller companies to reduce costs and streamline processes with package prices ranging from MX$500 (US$29) to MX$6,000 (US$351.7). “This is an opportunity for the small carrier. Furthermore, being able to access a tier below larger companies allows us to reach more than 180,000 truck drivers, starting with 20% or 30% of them and gradually growing," Rauda said. 

Tabachnik mentioned that the primary risk for carriers is theft, a factor closely monitored by financial institutions."This enhances the attractiveness of both companies' platforms, as AI27's technology reduces the probability of incidents as it takes more than 700 variables and combines them to offer predictions every 5 minutes. This results in nearly 2 billion predictions per day, which are used to determine and recommend the safest routes for carriers. On the other hand, Solvento's AI analyzes a series of documents needed to verify that the goods were delivered, thereby facilitating invoice payment.

For AI27, security is essential, as it represents costs for carriers. In an interview with MBN, Rauda said that AI27’s technology is able to predict and prevent nine out of 10 robberies linked to their units in Mexico, being of great importance as each robbery typically amounts to around US$30,000 to US$50,000 in losses.  “Another benefit of implementing our solutions is making the company’s supply chain more efficient. By leveraging the data we gather, we provide visibility into their operations and predictability of companies’ processes, which was not possible before. This means that we not only assist with logistics security but also contribute to overall logistics efficiency,” he added. 

Rauda also told MBN that AI27 was working on strategic alliances with the insurance sector, aiming at protecting not only cargo but the units themselves. He said that by the end of 2023, the company could grow its presence in Central America, Latin America and even the US, where the company has a small but significant presence.