PayCargo has received $35 million from private equity firm Insight Partners to further expand its operations in the automated freight payment space.
Coral Gables, Florida-based PayCargo, which started operations in 2009, experienced more than 80% transaction growth during the past year. The company estimated that it has processed over $2 billion in transportation payments since its start.
“We are excited to work with PayCargo to continue to scale its global payments network and through our Insight Onsite team of ScaleUp and operational experts, help bring additional resources to its impressive list of customers,” said Ryan Hinkle, Insight Partners managing director, who will also become part of PayCargo’s board.
PayCargo Global CEO Eduardo Del Riego told American Shipper that the funds will be used to grow the business, with emphasis on expanding digital connections between payer and vendor systems.
“Organic is key,” he said. “We’re not looking for acquisitions. We want to improve the connectivity of the software, heighten workflow, and greatly improve data availability.”