PayCargo, a payments network for the global supply chain industry, has netted $35m in funding to capitalise on the growing demand of digital payments cause by the pandemic.
Private equity firm Insight Partners served as the lead investor of the round.
Capital from the investment will support the global adoption of its payments network and increase the development of its capabilities.
The cloud-based solution enables companies to pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, custom brokers and more. Its contactless payment enables faster cargo release, elimination of inefficient manual processes and fees, improved transparency, cash flow management, streamlined invoicing and account reconciliation.
PayCargo has witnessed strong growth over the past year, with its transaction volume growing by 80%. The company helped to process more than $2bn in payments during 2019 and is set to process $4bn by the end of 2020.
Insight Partners managing director Ryan Hinkle said, “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.
“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.”
In line with the deal, Hinkle join the PayCargo board of directors.
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