PayCargo raises $130M to fund expansion and new product development
Logistics payments and data infrastructure platform PayCargo has announced a new investment of up to $130M from funds managed by Blackstone Growth. Blackstone Growth’s investment will support the company’s continued expansion both domestically and internationally, development of new products, as well as potential growth opportunities through M&A, the company said.
PayCargo’s cloud-based payments network enables payers to quickly and securely pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers, among others, the company said. PayCargo integrates with over 50 Transportation Management Systems (TMS), Enterprise Resource Planning (ERP), and Terminal Operating Systems (TMS) entities across various transport modes: Ocean, Air, Rail, and Trucking. Today, PayCargo’s network of more than 40K businesses is an independent payment platform focused on expediting the movement of cargo in North America and is rapidly expanding in Europe and other geographies.
PayCargo continues to invest in software updates, development, and enterprise-grade security to support this hyper-growth. PayCargo’s innovative new tools include advanced real-time customer reporting and invoicing, new workflow tools to streamline partial payments and reconciliation, advance payments, and automated refunds in any currency said the release.
“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,” said Vini Letteri, Senior Managing Director and Head of Financial Services for Blackstone Growth. “We believe that these attractive tailwinds, combined with the strength of PayCargo’s offering, positions the company well for its next phase of growth.”
Blackstone, through its private equity, infrastructure, and real estate businesses, has invested significantly in the broader logistics, supply chain, and e-commerce space, including acquiring a port operator in North America and over 1.1M sq ft of warehouse assets globally. “Our partnership with Blackstone plays an important role in furthering our commitment to transforming the movement of goods and fostering increased efficiencies through PayCargo’s payment platform. Like Blackstone, we share the same mission and vision- serving the needs of our customers by building the largest independent freight payments network. Blackstone’s experience in the logistics, supply chain, and e-commerce space, will be invaluable for PayCargo as we continue to expand globally,” said Eduardo Del Riego, PayCargo CEO.