Digital cargo payment system PayCargo has secured funding that it will use to expand the business and develop new technologies.
The company today announced a $35m investment led by global venture capital and private equity firm Insight Partners.
The funds will be used "expand global adoption of its electronic payments network and accelerate investments in its market-leading technology".
PayCargo global chief executive Eduardo Del Riego told Air Cargo News: "The use of funds is targeted to internal growth adding sales teams in key locations throughout the US in a faster and more dynamic manner than we would be able to do without the resources.
"Also, we will continue to invest in major expansions in Europe and Asia. While this is huge, we also will continue to invest heavily in our technology providing additional services within the payment space.
"Integrations and workflow are the keys to the future thus we expect to continue to invest heavily in the development of the technology."
PayCargo also pointed out that Covid-19 had rapidly accelerated the adoption of electronic payments in the cargo market.
“As the cargo industry rapidly shifts to electronic payments, PayCargo has established itself as the market leading platform for doing business by successfully automating the payments process and ensuring efficiency for both payers and vendors,” said Ryan Hinkle, managing director at Insight Partners, who will be joining PayCargo’s board of directors.
PayCargo recorded over 80% transaction volume growth over the past year, as users like Kuehne + Nagel, DHL, DB Schenker, BDP, Seko Logistics, UPS, YUSEN Logistics and vendors like Hapag-Lloyd, MSC, Ocean Network Express, Alliance Ground, Swissport, and AirFrance, launched and expanded usage of the platform.
Additionally, PayCargo has helped process over $2bn in payments in 2019 and is on track to process $4bn in 2020.
"We believe Insight Partners were the perfect partners for PayCargo. They know our space, they have invested in over 400 companies, and with over $30bn in investments have a proven track record of assisting companies like PayCargo to reach the next level," added Del Riego.
