PayCargo secures US$125m investment
Rapidly growing freight payment platform PayCargo has attracted a US$125 million Series B investment by global venture capital and private equity firm Insight Partners.
The Series B Round comes just nine months after Insight Partners invested US$35 million in a Series A Round with the fintech innovator, which has achieved rapid growth and is on track to process US$10 billion of freight-related payments this year, a 250% increase from 2020.
PayCargo claims to be “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.
“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 for 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.”
PayCargo’s cloud-based payments network aims to enable payers “to quickly and securely pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers, amongst others”. Integrating with over 20 leading Transport Management Systems, Enterprise Resource Planning, and Terminal Operating Systems across ocean, air, rail, and road transport modes, 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”, the company claimed.
Eduardo Del Riego, CEO of PayCargo, commented: “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.”
Profitable since early stage, PayCargo said it “continues to invest in tech updates, development, and enterprise-grade security to support this hyper-growth”. 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.
“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.”
Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised more than $30 billion in capital commitments through a series of funds.