The funding will help PayCargo expand domestically and internationally. Here are the top-line bullets you need to know.
PayCargo, a logistics payment platform, has raised $130M in a Series C from Blackstone.
HOW’S THE COMPANY PERFORMING?
- Florida-based PayCargo helps cargo and shipping organizations automate payment processes.
- The platform integrates with 50+ Transportation Management System (TMS), Enterprise Resource Planning (ERP), and Terminal Operating System (TOS) entities.
- The company’s logistics payments solution is used by 35K+ businesses, including DHL, American Airlines Cargo, Delta Cargo, UPS, Unisys, and Hapag-Lloyd.
- PayCargo has over 5K logistics vendors in its network, including MSC, ZIM, Evergreen, Maersk, Ocean Network Express, and Yang Ming.
- The company, which has been profitable since 2009, facilitated $10B in payments in 2021 and expects to double that figure in 2022.
- The startup has offices in Florida and Spain.
WHY DOES THE MARKET MATTER?
- The global freight audit and payments market is expected to reach a value of $26.7B by 2028, growing at a CAGR of 9.86%, according to Verified Market Research.
- Organizations are increasingly turning to solutions in this space to both speed up and lower the cost of payment operations.
- While North America is currently the industry’s largest market, demand is expected to increase in Europe and the Asia-Pacific region over the course of the forecast period.
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