Banking

PayCargo lands $125m in Series B investment from Insight Partners

US freight payment platform PayCargo has announced an investment of $125 million from Insight Partners, part of its Series B round.

The company has raised $160 million in total

PayCargo, which provides a platform for moving money and remittance information between vendors and purchasers, claims to process $10 billion in freight payments a year.

It says its cloud-based payments network enables users to pay air and ocean carriers, maritime ports, ground handlers, freight forwarders and customs brokers “quickly and securely”.

This latest injection of funds comes just nine months after Insight Partners invested $35 million in PayCargo for its Series A round.

“PayCargo was founded on the vision of building a modern freight payment network,” says Eduardo Del Riego, CEO at PayCargo.

“We are excited to accelerate our mission to bring modern payment solutions to our increasingly global base of customers.”

The firm will use its investment for tech updates, development and enterprise-grade security to support its “hyper growth”.

Thomas Vieweg, chief growth officer at PayCargo, adds: “Working with Insight Partners, we have doubled our team and developed new cutting-edge solutions.

“This next round of investment will ensure we continue to grow and expand into new markets with a focus on security and data protection.”

Related: Fintech start-up Capchase plans European expansion after $125m funding round


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