PayCargo, a Coral Gables, Fla.-based payments network for the global supply chain industry, raised USD35m in funding.
The round was led by Insight Partners. In conjunction with the funding, Ryan Hinkle, Managing Director at Insight Partners, will be joining PayCargo’s Board of Directors.
The company will use the capital to expand global adoption of its electronic payments network and accelerate investments in its technology.
Led by Eduardo Del Riego, Global Chief Executive Officer, PayCargo is a financial platform for moving money and vital remittance information between Payers and Vendors.
Its online solution allows users to move cargo quicker and reduce payment costs more than any other platform available. The patented technology registers a company so that they can immediately start making payments to your freight Vendors. It has over 4,000 Vendors in the network including major ocean carriers, air cargo providers, and hundreds of terminals and CFS stations.
The company has industry partnerships with International Air Transport Association (IATA), Cargo Network Services (CNS), CHAMP Cargosystems, IBS, Accelya, Unisys and Kale Logistics in place. Its next-generation API-integrations across the cargo-technology ecosystem have made it the payments partner of choice for forward-thinking leaders in the freight ecosystem.