PayCargo Capital has partnered on lending with FinTech Evolve Bank and Trust to allow freight forwarders and cargo owners to apply for and get credit where they pay for freight costs, according to a Wednesday (Dec. 22) press release.
The partnership will fund the PayCargo Line of Credit, which wipes out financial delays related to the ongoing supply chain conundrum and expedites funding for freight forwarders and beneficial cargo owners without the need for third parties, excessive paperwork or long waits, the release stated.
“PayCargo Capital offers credit terms on freight charges, previously available to only a few large companies,” said PayCargo Capital CEO Philip J. Philliou in the release. “Clients tell us that our timely credit solution prevents expensive demurrage charges and speeds goods on their way to their final destination. Both air and ocean freight expenses are higher than in prior years, and the need for funding is significant. In today’s environment, with Evolve as our lending partner, PayCargo Capital will grow stronger as a technology-enabled financing provider and help more businesses with their cash flow needs.”
PayCargo’s platform has more than 67,000 active users remitting and receiving payments, and users can extend vendor payments by 30 days using credit, according to the release.
“We are excited to partner with PayCargo Capital to serve the financial needs of the thousands of businesses that are involved in the movement of cargo,” said Evolve President and CEO Scott Stafford in the release. “With trillions of dollars spent by American companies on air and ocean freight, port fees, warehouse fees and a myriad of other transportation-related expenses, Evolve is eager to help fund such a large and dynamic space.”
In other news, German freight-forwarding startup sennder raised $80 million in its Series D funding round in January, bringing the company’s overall fundraising total to $350 million at a valuation of more than $1 billion, making it Europe’s most valuable digital freight forwarder.
Read more: German Freight Forwarder Sennder Raises $80 Million At $1 Billion Valuation
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