Freightos tops a million transactions

Freightos handled over a million transactions in 2023 according to its full-year results, published on 26 February.

The digital booking and payment platform achieved a record 287,000 transactions in the fourth quarter of 2023, an increase of 36% year over year to end the year with 1,025,000 transactions.

Freightos said it had significantly outperformed the overall international freight market volumes, where IATA’s global air cargo volumes and ocean container shipping volumes, according to Container Trades Statistics, were up only 7% compared with the fourth quarter of 2022.

The platform’s own revenue, at $20.3m for the full year 2023, was up by 6% compared to 2022.

Freightos saw strong growth in air cargo digital bookings, as well as in revenue generated by forwarders’ software solutions and its air and ocean freight market intelligence solution, Freightos Terminal.

The number of carriers selling on the platform, primarily on WebCargo, increased to 45 by the end of 2023. These included Japan Airlines and a leading North American airline.

Further airlines signed to join WebCargo in the fourth quarter, including two top-20 air cargo carriers, said Freightos. It also signed its largest software-as-a-service (SaaS) contract ever with another top-20 carrier.

Chief executive, Zvi Schreiber, said that in its first year as a public company Freightos had “demonstrated remarkable resilience at a time of significant challenges for the freight industry”.

It also achieved a significant milestone to reach over a million transactions in 2023. He added: “This pivotal year has solidified our position as a leading platform for international freight, highlighting how our relentless drive to digitalize the industry delivers exceptional value to our customers.”

Chief financial officer, Ran Shalev, added: “The past year has shown solid growth and solid progress towards profitability, illustrating our strategic balance between fostering growth and managing costs, while maintaining a healthy financial position.

“As we enter 2024, we aim to efficiently scale transactions and revenue, while further reducing our cash burn. Our long-term financial strategy is about establishing our platform as a standard in the digital international freight market.”

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