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.
“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.”
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.