PayCargo recently secured a US$125 million Series B investment from venture capital and private equity firm, Insight Partners, which the fintech innovator said it will use to invest in tech development and team expansion to support this continued growth globally.
The logistics payment platform noted that it is already on track to process US$10 billion in freight-related payments this year, or a 250% increase from the growth seen in 2020.
PayCargo said in a statement that it 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 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 — which also invested US$35 million in PayCargo's Series A round nine months earlier.
"We are thrilled to continue our partnership ... 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 noted that it integrates with over 20 leading transport management systems, enterprise resource planning, and terminal operating systems across all transport modes: ocean, air, rail, and trucking.
"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," it said in a statement.
"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 CEO of PayCargo.
PayCargo noted that it continues to invest in tech updates, development, and enterprise-grade security to support this hyper-growth — including new tools to advanced real-time customer reporting and invoicing, new workflow tools to streamline partial payments and reconciliation, advance payments, and automated refunds in any currency.
"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," said Thomas Vieweg, global chief growth officer, PayCargo.