PayCargo receives $35 million funding from Insight Partners
Updated on September 29th, 2020 at 19:36 IST
PayCargo, the payments network for the global supply chain industry, has received a $35 million investment from global venture capital and private equity firm Insight Partners. PayCargo will use the capital to expand global adoption of its electronic payments network and accelerate investments in its market-leading technology.
As COVID-19 has rapidly accelerated the adoption of electronic payments in the cargo market, the investment from Insight Partners comes at a time where vendors and payors are forced to move away from legacy, paper-based processes. PayCargo’s innovative, cloud-based solution has established a robust industry contactless payment ecosystem that enables payers to quickly and securely pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers, amongst others. This allows for faster cargo release, elimination of inefficient manual processes and fees, improved transparency, cash flow management, as well as streamlined invoicing and account reconciliation.
“As the cargo industry rapidly shifts to electronic payments, PayCargo has established itself as the market leading platform for doing business by successfully automating the payments process and ensuring efficiency for both payers and vendors,” said Ryan Hinkle, managing director at Insight Partners, who will be joining PayCargo’s board of directors. He added, “We are excited to work with PayCargo to continue to scale its global payments network and through our Insight Onsite team of ScaleUp and operational experts, help bring additional resources to its impressive list of customers.”
The investment comes as PayCargo is experiencing rapid growth across the global freight ecosystem.
Profitable since inception, PayCargo recorded over 80 per cent transaction volume growth over the past year, as leading payers like Kuehne + Nagel, DHL, DB Schenker, BDP, Seko Logistics, UPS, YUSEN Logistics and vendors like Hapag-Lloyd, MSC, Ocean Network Express, Alliance Ground, Swissport, and AirFrance, launched and expanded usage of the platform. Additionally, PayCargo has helped process over $2 billion in payments in 2019 and is on track to process $4 billion in 2020.
PayCargo’s industry partnerships with International Air Transport Association (IATA), Cargo Network Services (CNS), CHAMP Cargosystems, IBS, Accelya, Unisys and Kale Logistics, and its next-generation API-integrations across the cargo-technology ecosystem have made it the payments partner of choice for forward-thinking leaders in the freight ecosystem.
“This investment will allow us to expand our network of customers and continue to make PayCargo the best place to transact electronically,” said Eduardo Del Riego, global chief executive officer of PayCargo. “We are excited to continue supporting our customers and building new tools to achieve our mission of improving the speed and profitability of our freight customers’ businesses.”