Big money for Paycargo
Freight payment platform Paycargo has found more investors. A USD 125 million Series B investment was secured by global venture capital and private equity firm Insight Partners.
The freight payments network currently counts 67,000 active users remitting and receiving payments. The platform estimates processing USD 10 billion of freight-related payments in 2021. The cloud-based payments network enables payments to air and ocean carriers, maritime ports, ground handlers, freight forwarders and customs brokers, amongst others.
“Working with Insight Partners, we have doubled our team and developed new cutting-edge solutions as well as new partnerships, continuing to support the freight industry through this challenging last year,” said Thomas Vieweg, global chief growth officer, Paycargo. “This next round of investment will ensure we continue to grow and expand into new markets with a focus on security and data protection, to fit every part of the supply chain.”
The Series B round comes nine months after Insight Partners invested USD 35 million in a Series A round. (sh)