PayCargo, a Coral Gables, Fla.-based freight payment platform, raised USD125m in Series B funding.
Insight Partners made the investment.
The company intends to use the funds to expand in Europe and other geographies.
Led by Eduardo Del Riego, CEO and by Thomas Vieweg, Global Chief Growth Officer, PayCargo is an independent freight payments network with over 67,000 active users remitting and receiving payments on the platform. Its cloud-based payments network enables payers to pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers, amongst others. PayCargo integrates with over 20 TMS, ERP, and Terminal Operating Systems across all transport modes: Ocean, Air, Rail, and Trucking.