PayCargo has announced that it processed more than US$10 billion of freight-related payments in 2021, a 250% increase from the level seen in 2020.

In a statetement, the fintech firm also announced the appointment of Todd Pigeon as Vice President – Sales over the North American East Coast Region further accelerating the growth of the company’s online payment platform.

He will be based at PayCargo's global headquarters in Coral Gables, Florida, US, from where he will lead a regional team focused on both payer and vendor business development in the North American East Coast Region.

"PayCargo is an exciting, fast-scaling, multi-modal ecosystem where any business from across the logistics industry can pay all of their providers instantly, and at no cost receive payments through one platform," Pigeon said.

"With the PayCargo system, customers do not have to worry about costly outdated payment processes such as requesting and tracking bank check deliveries, managing cash, and time-consuming credit application, which can also be costly."

Pushing digitisation forward

Pigeon noted that this is a "unique value proposition" that is critical for the future of the logistics industry.

Eduardo Del Riego, PayCargo chief executive officer, noted that PayCargo's focus remain on "supporting the ongoing digitisation of the industry and ensuring we are part of a sustainable future."

"We have experienced incredible growth as our users continue to share in our vision for a more efficient and streamlined supply chain," Del Riego said.

In June, PayCargo announced a Series B investment of US$125 million by global venture capital and private equity firm Insight Partners, which is being utilized to fuel digital payment tools and services for platform users.

The Series B investment came nine months after a Series A investment for US$35 million also by Insight Partners.