PayCargo, a logistics payment platform for shipping cargo, has raised a $130 million Series C from Blackstone Growth (BXG). The global digital all-in-one payment platform for the freight, cargo, and logistics said the funding will support its domestic and international expansion.
Eduardo Del Riego, PayCargo CEO, said the partnership with BXG will help them transform the movement of goods, driving efficiencies.
Vini Letteri, Senior Managing Director and Head of Financial Services for Blackstone Growth, described PayCargo as the category leader well positioned for its next phase of growth.
Already profitable, PayCargo’s cloud-based payments network enables users to securely pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers.
PayCargo reports more than 5,000 active vendors in its network where you can instantly make payments for same-day or overnight release of cargo to major Air, Land, and Ocean carriers such as MSC, Ocean Network Express, ZIM, Maersk, Evergreen, Yang Ming and hundreds of other terminals and CFS stations.
Blackstone Growth is the world’s largest alternative asset manager with approximately $915 billion in assets under management.