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 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.