Freight payment platform PayCargo has announced a USD125 million Series B investment by global venture capital and private equity firm Insight Partners.
This year, PayCargo is on track to process USD10 billion of freight-related payments, a 250% increase from 2020.
“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, Visionary and Chief Executive Officer of PayCargo. “We are excited to accelerate our mission to bring modern payment solutions to our increasingly global base of customers.”
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.
The Series B Round comes just nine months after Insight Partners invested USD35 million in a Series A Round with the fintech innovator.
“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.”
“Working with Insight Partners, we have doubled our team and developed new cutting-edge solutions as well as new partnerships, continuing to support the freight industry through this challenging last year,” said Thomas Vieweg, Global Chief Growth Officer, PayCargo. “This next round of investment will ensure we continue to grow and expand into new markets with a focus on security and data protection, to fit every part of the supply chain.”