PayCargo, a logistics payments and data infrastructure platform, has collected $130m in a funding round from funds managed by Blackstone Growth.
This capital burst will help PayCargo expand domestically in the US and internationally. Funds will also be used for the development of new products and pursuing growth opportunities through M&A activity.
PayCargo is a cloud-based payments network that enables payers to pay their transportation companies, including air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers quickly and securely.
Its technology integrates with 50 transportation management systems, enterprise resource planning and terminal operating systems.
The company latest tools include real-time customer reporting and invoicing, new workflow tools to streamline partial payments and reconciliation, advance payments and automated refunds in any currency.
PayCargo CEO Eduardo Del Riego said, ?Our partnership with Blackstone plays an important role in furthering our commitment to transforming the movement of goods and fostering increased efficiencies through PayCargo payment platform.
?Like Blackstone, we share the same mission and vision serving the needs of our customers by building the largest independent freight payments network. Blackstone experience in the logistics, supply chain, and e-commerce space, will be invaluable for PayCargo as we continue to expand globally.span>
Last year, PayCargo raised $120m in its Series B round, which was led by Insight Partners.
Another FinTech focused on the freight industry to recently close funding this year was Outgo. The company, which serves as an all-in-one banking solution for freight carriers, has launched from stealth after the close of a $3.4m funding round.
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