Freight payment platform PayCargo has announced a US$125 million Series B investment by global venture capital and private equity firm Insight Partners. This year, PayCargo is on track to process US$10 billion of freight-related payments, a 250 percent increase from 2020. PayCargo is the largest independent freight payments network of its kind with over 67,000 active users remitting and receiving payments on the platform and thousands more joining each month. The Series B Round comes just nine months after Insight Partners invested US$35 million in a Series A Round.
“The incredible growth PayCargo has experienced since our initial investment is a testament to the confidence the industry has in their platform,” said Ryan Hinkle, managing director at Insight Partners. “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’s cloud-based payments network enables payers to quickly and securely pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers, amongst others. PayCargo integrates with over 20 leading Transport Management Systems, Enterprise Resource Planning, and Terminal Operating Systems across all transport modes: Ocean, Air, Rail, and Trucking. Today, PayCargo’s network is the leading independent payment platform focused on expediting the movement of cargo industry-wide in North America and is rapidly expanding in Europe and other geographies.
“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,” said Eduardo Del Riego, chief executive officer of PayCargo. “We are excited to accelerate our mission to bring modern payment solutions to our increasingly global base of customers.”
Profitable since early stage, PayCargo continues to invest in tech updates, development, and enterprise-grade security to support this hyper-growth. PayCargo’s innovative new tools include advanced real-time customer reporting and invoicing, new workflow tools to streamline partial payments and reconciliation, advance payments, and automated refunds in any currency.