Freight payment platform PayCargo has raised $125m through Series B investment round from venture capital and private equity firm Insight Partners to support its growth and expansion.
The latest funding round follows Insight Partners’ $35m investment in the firm last year as part of its Series A round.
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Insight Partners managing director Ryan Hinkle said: “The incredible growth PayCargo has experienced since our initial investment is a testament to the confidence the industry has in their platform.
“We are thrilled to continue our partnership with Eduardo and team to pursue excellence for their global customers through new and exciting digital payment tools.”
PayCargo provides a cloud-based payments network that facilitates payments to maritime ports, air and ocean carriers, freight forwarders, ground handlers, and customs brokers, amongst others.
Claimed to be the largest independent freight payments network, PayCargo has over 67,000 active users remitting and receiving payments on the platform.
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By GlobalDataIt is said to integrate with more than 20 TMS, ERP, and terminal operating systems across ocean, air, rail, and trucking segments.
PayCargo is aiming to process $10bn of freight-related payments this year, a 250% increase from last year.
The company is also looking to accelerate the momentum across the cargo industry in North America while continuing to expand in Europe and other markets.
PayCargo CEO Eduardo Riego said: “PayCargo was founded on the vision of building a modern freight payment network that lowers transaction costs, accelerates cargo release, and increases business agility and growth across the entire supply chain.
“We are excited to accelerate our mission to bring modern payment solutions to our increasingly global base of customers.”
PayCargo Global chief growth officer Thomas Vieweg added that the new capital will ensure the company’s growth and expansion ‘into new markets with a focus on security and data protection’.
Last year, PayCargo partnered with SaaS solutions provider IBS Software to provide air freight carriers and cargo ground handlers with digitalised payment options.
In 2019, International Air Transport Association, the trade association for the world’s airlines, joined forces with PayCargo to launch a new payment and settlement system for the air cargo sector.
PayCargo said it will continue to invest in tech updates, development, and enterprise-grade security to support its growth.
