Freightos sees strong platform growth in Q2 2022
11 / 08 / 2022
New business from airlines investing in digitalisation has helped global freight booking and payment platform Freightos achieve strong growth in the second quarter of 2022.
Freightos recorded 150,000 platform transactions, resulting in growth of 163% year-over-year in the second quarter.
Gross Booking Value (GBV) was $155m – up 137% year over year, while revenue was $5.2m – up 30% year over year.
Freightos chief executive Zvi Schreiber said: “Freightos continues to demonstrate strong, predictable growth that exceeded targets, despite macroeconomic volatility that impacted consumer buying patterns, supply chains, and global freight.
“We are seeing excellent momentum, with the number of transactions growing 163% year-over-year, as well as 137% growth in GBV.
“Growth in transactions was fuelled on the supply side by major airline rollouts, such as American Airlines Cargo, LATAM Cargo, and Air Canada Cargo, as well as increased bookings with existing carriers.
“On the demand side, we continue to add freight forwarders, importers, and exporters on a daily basis.
“Despite falling freight prices and the Euro declining against the US dollar, the number of platform transactions exceeded targets, resulting in GBV of $155m.
“Global shipping, and by extension, global trade, continues to face significant challenges including intermittent lockdowns in China, military conflict, labour disputes, and increasingly extreme weather.
“This emphasises the need for a digital freight revolution that brings the efficiency, agility and visibility that supply chains need to navigate volatility.”
As previously announced, Freightos has entered into a definitive business merger agreement with Gesher I Acquisition Corp. that is expected to result in Freightos becoming a publicly listed company.
Freightos is preparing to confidentially submit a draft proxy statement/prospectus to the US Securities and Exchange Commission, and the parties intend to close the transaction in late 2022 or early 2023.