The company will harness the funds to grow international adoption of its digital payments network and speed up investments in its technology, according to the announcement.
“This investment will allow us to expand our network of customers and continue to make PayCargo the best place to transact electronically,” PayCargo Global Chief Executive Officer Eduardo Del Riego said in the announcement. “We are excited to continue supporting our customers and building new tools to achieve our mission of improving the speed and profitability of our freight customers' businesses.”
Insight Partners’ investment occurs as vendors and payors have to transition from procedures based on hard copies as the coronavirus has quickly sped up the adoption of digital payments in the cargo market.
The company’s cloud-based technology has created a contactless payment ecosystem that lets payers expediently and safely make payments to parties such as freight forwarders and maritime ports, according to the announcement.
PayCargo says it has seen “rapid growth across the global freight ecosystem,” and that it has registered more than 80 percent transaction volume growth during the last year.
The company has industry collaborations with Cargo Network Services (CNS), the International Air Transport Association (IATA) and CHAMP Cargosystems, among others.
In separate news, PayCargo recently announced a free communication feature to assist companies such as air carriers and maritime operators transit key information to payers. The functionality occurred as each portion of the freight supply chain is experiencing the effects of the COVID-19 outbreak.
Cargo companies were to have access to more convenient payment options such as prefunded accounts, direct automated clearing house (ACH) debits or credit card payments with the platform.