PayCargo, a Coral Gables, Fla.-based logistics payments and data infrastructure platform, raised a new investment of up to $130M from funds managed by Blackstone Growth (BXG).
BXG’s investment will support the company’s continued expansion both domestically and internationally, development of new products, as well as potential growth opportunities through M&A.
Eduardo Del Riego, CEO. PayCargo a cloud-based payments network allows payers quickly and securely to pay air and ocean carriers as well as maritime ports, ground handling companies, freight forwarders, customs brokers, and ground handlers. Integrations are made with more than 50 top Transportation Management Systems (TMS), Enterprise Resource Planning, (ERP) and Terminal Operating Systems(TOS) for various modes of transport: Ocean, Rail, Trucking, and Trucking.
The company has been profitable since its inception and continues to invest heavily in software development and software updates to ensure that it can support hyper-growth. Its innovative new tools include realtime customer reporting, invoicing, and new workflow tools to streamline partial and advanced payments, reconciliation, advanced payments, refunds, and automated refunds in all currencies.