Freight payments platform PayCargo has snagged US$125 million series B investment by global venture capital and private equity firm Insight Partners.

The series B round comes nine months after the investor injected US$35 million, and the company said this round of investment will allow them to expand into new markets, with a focus on security and data protection, to fit every part of the supply chain.

“The incredible growth PayCargo has experienced since our initial investment is a testament to the confidence the industry has in their platform,” said Ryan Hinkle, managing director at Insight Partners.

“We are thrilled to continue our partnership with Eduardo and team to pursue excellence for their global customers through new and exciting digital payment tools,” Hinkle added.

Also read: PayCargo joins hands with IBS Software for digital payments

PayCargo’s cloud-based payments network allows users to quickly and securely pay air and ocean carriers, maritime ports, ground handlers, freight forwarders, and customs brokers, amongst others.

It integrates with over 20 leading transport management systems, enterprise resource planning, and terminal operating systems across all transport modes, including ocean, air, rail, and trucking.

PaycCargo chief Eduardo Del Riego said its payment platform is focused on expediting the movement of cargo industrywide in North America and is rapidly expanding in Europe and other geographies.

“PayCargo was founded on the vision of building a modern freight payment network that lowers transaction costs, accelerates cargo release, and increases business agility and growth across the entire supply chain,” noted Del Riego

“We are excited to accelerate our mission to bring modern payment solutions to our increasingly global base of customers.”

PayCargo said it is on track to process US$10 billion worth of freight-related payments this year, or 250 percent more compared to 2020. The company claims it has over 67,000 active users remitting and receiving payments on its platform, with thousands more joining each month.