Though the fintech world is still reeling from market turbulence, there is one sector that is clearly still booming: freight. Amid supply chain issues worldwide, markets are clamoring for solutions to help get goods where they’re going.
Given that context, the successful Series C fundraise completed by logistics payments and data infrastructure platform PayCargo makes a great deal of sense. Funding to the tune of $130 million was contributed by a single investor, Blackstone Growth.
Blackstone’s Senior Managing Director and Head of Financial Services, Vincent Letteri, had this to say of the company’s new investment: “PayCargo is a category leader, operating at the intersection of several of our highest-conviction investment themes—including the continued proliferation of electronic payments, the digitization of the supply chain, and the modernization of business-to-business payments.”
Crediting its ability to provide the technical muscle to solve real-world transport and payment issues, PayCargo has been profitable since its founding in 2009. PayCargo’s cloud-based payments network is designed to streamline payments made in essential and typically sluggish transactions with air, sea, and land transportation and customs entities. The company expects to use this fresh funding to double its payments and expand into new markets this year.