PayCargo is a Coral Gables, Fla.-based cloud payments and data infrastructure platform that enables payers to quickly and securely pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers. The platform integrates with over 50 leading Transportation Management Systems (TMS), Enterprise Resource Planning (ERP), and Terminal Operating Systems (TOS) across Ocean, Air, Rail, and Trucking. Led by CEO Eduardo Del Riego, PayCargo provides enterprise-grade security and a suite of tools including real-time customer reporting and invoicing, workflows for partial payments and reconciliation, advanced payments, and automated refunds in any currency. The company has been profitable since an early stage and continues to invest in software updates, development, and security to support hyper-growth. PayCargo plans to expand both domestically and internationally and to develop new products, and it is pursuing potential growth opportunities through M&A. PayCargo is a Coral Gables, Fla.-based independent freight payments network led by CEO Eduardo Del Riego and Global Chief Growth Officer Thomas Vieweg. Its cloud-based payments platform enables payers to pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers. The network integrates with over 20 TMS, ERP, and Terminal Operating Systems across ocean, air, rail, and trucking transport modes. The company reports over 67,000 active users remitting and receiving payments on the platform. PayCargo raised $125M in a Series B and intends to use the funds to expand in Europe and other geographies. Insight Partners made the investment. PayCargo offers a suite of cloud-based payment and financing services for the cargo industry, including tools for payers to send payments, vendors to receive them, APIs for integration, and financing for customers that do not want to pay shipments up front. The company says it is profitable from its start and has seen strong growth as the industry shifts to paperless, contactless solutions accelerated by COVID-19. PayCargo processes about $4 billion in payments annually from roughly 12,000 shippers and carriers and a network of 4,000 vendors, with transaction volume up 80% year over year. Its customer roster spans land, sea and air and includes names such as Kuehne + Nagel, DHL, DB Schenker, UPS, Hapag-Lloyd and MSC. PayCargo also integrates via APIs with partners including IATA, Cargo Network Services, CHAMP Cargosystems, IBS, Accelya, Unisys and Kale Logistics. The company plans to use the new funding to expand and scale its business and global payments network.

Total raised

$290M

Funding rounds

3

Latest round

Series C

Latest activity

Jun 2022