PayCargo continues expansion following latest investment
15 / 06 / 2021
PayCargo will double the size of its US team and invest in technology following its latest round of funding.
On June 15, the cargo payment platform announced a $125m Series B investment by global venture capital and private equity firm Insight Partners.
Insight Partners also invested $35m in the company in September last year.
The funding will be used to invest in technology development and team expansion, PayCargo said.
“We will be doubling the size of the team in the US sales, tech, and customer service,” the company told Air Cargo News.
“We will also be adding to the European team and developing a team to focus on Asia, Africa, and the Middle East.”
On its planned investment in technology, PayCargo said it is committed to security and transforming it into a truly global payment platform.
“Our goal is to enable a single global payments platform with unlimited local currency and regional support,” the company said.
It added: “PayCargo continues to invest heavily in all areas of payments. While the transfer of funds is important, it is the transfer of data that drives the needs of our customers. Our goal is to be ahead of the rest.
“As we develop new technologies, we will listen to the market and provide the best tools to serve the industry.”
Meanwhile, PayCargo said that it is on track to this year process $10bn of freight-related payments, a 250% increase from 2020.
Asked if it had noted an increase in usage as a result of people increasingly working from home due to Covid, it said: “We have witnessed a fundamental change in how the transportation and logistics industry looks at technology.
“Companies now realize they need to have digital solutions in place to keep the flow of cargo moving.
“Payments and the corresponding data are critical components in the movement of cargo.”
Ryan Hinkle, managing director at Insight Partners, added: “The incredible growth PayCargo has experienced since our initial investment is a testament to the confidence the industry has in their platform.”