Jun–Aug 2026

We are betting the next six to nine months on toll payments for enterprise fleets. Tolls are the wedge into an enterprise account — they enter through Logistics on an existing TeleVía contract instead of waiting on Treasury sign-off and card integrations the way fuel does.

Full detail and three-month trend in §3 · Financial Snapshot.

Why tolls and not fuel. Fuel is the bigger spend, but it is the slower sale: it needs Treasury sign-off, card integrations and corporate approvals. Tolls enter through Logistics on an existing TeleVía contract. In Bimbo that difference is concrete — fuel is stuck at Treasury today, while tolls move. Tolls are the wedge that gets us inside an enterprise account; fuel and cards become an expansion conversation once we are already there.

Fuel is also a red ocean — the most crowded, most fought-over spend category in fleet payments, with more players chasing it than any other vertical we could pick. And the fuel economics we relied on are gone: the May regulation eliminated fuel interchange, the margin that made fuel attractive as a wedge in the first place. Tolls do not have that crowding or that regulatory exposure today. We are also doing this while carrying a dependency on InSwitch that is not reliable and, at this stage, too expensive to migrate away from — a constraint we address directly in §4.

Why the business exists. TeleVía pays 1.7% to Amex today to finance its receivables. We charge 1.2% and take the receivables and the credit risk off their hands — they save half a point and stop carrying collections they never wanted. That is the deal, and it is why the 1.2% is ours.

The mechanics are what make it work: TeleVía bills us at 15 days, the client pays us at 7. As long as their term is longer than the client's, our funding cost is zero. Roughly 0.2% goes back to the client as cashback, so we net about 1% of every peso of toll volume that runs through us — on top of the SaaS those accounts already pay.

Deduped Athena pull, cross-validated against the frozen July pack. The commercial term sheet for the full account (1,050 users) is in review.

The unit economics, per vehicle: PaquetExpress runs ~$40M MXN/month through tolls across 800 trucks — ~$2,860 USD of toll spend per truck. Tolls alone are worth 2.5x the software on the same vehicle, before fuel, payroll or maintenance — which is why we call tolls the wedge, not the destination.

At that rate, PaquetExpress alone is ~$22,400 USD/month — against a company whose entire revenue base today is ~$32K USD/month. One account is worth almost as much as the entire company we built in two years. There are at least ten fleets this size in the country; we have already talked to six, and all six show appetite.

Field tests start in October with roughly 50 vehicles across Bimbo and Barcel, with rollout following in November. We are currently integrating with Aliado, Bimbo's TMS, to support the pilot. Behind the pilot sit 1,200+ Barcel vehicles and a Bimbo national fleet of roughly 30,000. TeleVía covers 97.6% of Bimbo's actual toll data. Their fleet lead wants to skip the gradual rollout entirely once the pilot validates — "switching one tag or a thousand is the same move."

That is the size of the bet, and it is why everything else is being sequenced behind it.

Two metric definitions changed in the July close, and we are flagging them because both move the historical series down. SaaS revenue is now the billed cycle net of VAT, rather than seats × price — a −6.7% difference in July alone ($532,102 → $496,658 MXN). The old method carried inactive companies, contract-free seats and our own internal account. Interchange is now computed against the full Banxico rate schedule by merchant category, rather than three blended rates. Every figure in this update, current and prior, is on the new basis.

Net burn has come down three months running — $77,202 → $65,653 → $53,807 USD from May to July — not through emergency cuts: one technology departure, the commercial team refocusing on enterprise, and Diego's role redefinition. Tecnología is still 43.5% of OpEx and the largest lever we have left.

One number we want to flag ourselves: total transaction volume has been flat since March at $18–19M MXN/month, and August is tracking below July. Our growth this period came from seats, from mix, and from tolls — not from more volume per card. Tolls are the answer to that, which is part of why the bet is where it is.

Where that volume went, specifically. One account explains most of the decline. Tracto Termos ran $3.1M MXN of fuel through us in June, $810K in July, and $26K so far in August — they stopped fueling on our cards. What they did not stop is paying: 42 of 58 seats still active, SaaS intact, using the platform for cash management. It is the same shape as PaquetExpress, our largest account at 778 seats, which has never run a card transaction and pays full SaaS. Volume and revenue are less coupled in this business than a concentration table suggests.

Collections are healthy: $73.2K MXN past due, 3.1% of what we billed December through June, with the real risk concentrated in a single account.

We adjusted first so we could accelerate later. The May regulation took fuel interchange off the table; rather than push growth on a weaker margin, we became more efficient — and that discipline is what lets us step on the accelerator once tolls validate.

• 1
  The pilots fail

  There is no version of this story where it isn't the risk. Two accounts carry the hypothesis; if PaquetExpress does not convert to full scope or the Bimbo tests do not validate in October, we are back to a SaaS business growing off a small base. We will know a great deal by November.

• 2
  TeleVía's 15-day term is not in writing yet

  The entire toll economic structure depends on their payment term being longer than the one we give the client. It is agreed verbally and being documented; until it is signed, the cashback and the zero funding cost both rest on it.

• 3
  InSwitch is degrading and we are not leaving

  A two-hour outage last week, their CEO just departed — and service quality here has always tracked senior attention. Migrating means reissuing ~3,000 cards and recertifying, which would consume exactly the capacity we just concentrated on tolls. We are choosing to live with a deteriorating provider this semester — a deliberate trade, not an oversight.

• 1
  Enterprise introductions in distribution and retail

  That is where our sales cycle closes fastest, and it is worth more to us right now than any other help.

• 2
  Leverage on the processor risk

  We are not migrating this semester. If anyone has pull with InSwitch/Movantis or with Mastercard to hold service quality steady while we focus, that is the ask.

• 1
  Toll unit economics at scale

  What we'd need to see in Q4 to underwrite the full ramp beyond PaquetExpress and Bimbo.

• 2
  Living with InSwitch instead of migrating

  The deliberate trade of stability risk against migration capacity this semester.

• 3
  The right metric between here and the Series A

  Whether active seats remains the north star once toll spread revenue outweighs per-seat SaaS.

• 4
  Structuring a fideicomiso with TeleVía

  A joint venture to fund the scaling capital requirement as toll volume grows toward the 100M MXN/month thesis.