PayCargo, a fintech for the freight industry, raises $130M
source link: https://finance.yahoo.com/news/paycargo-fintech-freight-industry-raises-080339992.html
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PayCargo, a fintech for the freight industry, raises $130M
Shipping and cargo services is one of the more fragmented and analogue verticals in the world of industry, with hundreds of thousands of businesses involved in a myriad of aspects of a process that is fundamentally physical (not digital) by its nature. Today, a company called PayCargo, which built a platform to bring one key aspect of it -- how companies in the business of shipping products and specifically consumer goods pay each other -- into the modern and digital age, is announcing $130 million in funding to expand its platform.
The funding, a Series C, is coming from a single investor, Blackstone Growth, and PayCargo -- based out of Coral Gables, FL -- said that it will be used to expand into more geographies, to build out more products around financial and business data, and potentially also for M&A, since the area of providing services to the shipping industry is as fragmented as the shipping industry itself.
PayCargo is not disclosing its valuation, but notably, the company is an example of one of the kinds of startups that is not finding it challenging to raise money at the moment: it is profitable, and it has been since it was founded in 2009; it is working in an enterprise vertical that still has a long way to go before it's saturated with competing services filling the same need PayCargo is; and that enterprise vertical itself represents a massive opportunity with the continued growth and globalization of e-commerce overall.
"Last year we moved over $10 billion in payments, and we are now on pace for $20 billion in 2022," said Eduardo Del Riego, PayCargo CEO, in an interview.
The company today integrates with around 50 of the larger freight management systems, transportation management systems, ERP and terminal operating systems used by shipping and cargo companies -- and again, that there are 50 "larger" platforms in that wider operational software category shows just how fragmented all of this is -- and the 40,000+ customers using PayCargo (the list includes Kuehne + Nagel, DHL, DB Schenker, BDP, Seko Logistics, UPS, YUSEN Logistics and vendors like Hapag-Lloyd, MSC, Ocean Network Express, Alliance Ground, Swissport and Air France) can currently source and pay more than 5,000 global logistics providers, with that number continuing to grow.
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