PayCargo, a freight payment platform in the U.S., has announced 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’ previous investment of US$35 million in a Series A Round.
PayCargo said that this next round of investment will be used for its growth and expansion into new markets with a focus on security and data protection, to fit every part of the supply chain.
Additionally, the firm has doubled its team and developed new solutions as well as partnerships with Insight Partners.
This year, PayCargo is on track to process US$10 billion of freight-related payments, a 250% increase from 2020.
PayCargo is an independent freight payments network with over 67,000 active users remitting and receiving payments on the platform and thousands more joining each month.
Its 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 TMS, ERP, and Terminal Operating Systems across all transport modes.
“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.”
said Eduardo Del Riego, CEO of PayCargo.
Featured image: Edited from PayCargo and Unsplash
