PayCargo, a payments network for the global supply chain, has announced a US$35m investment led by global venture capital and private equity firm, Insight Partners.

PayCargo will use the capital to expand global adoption of its electronic payments network and accelerate investments in its technology.

As COVID-19 has rapidly accelerated the adoption of electronic payments in the cargo market, the investment from Insight Partners comes at a time where vendors and payers are forced to move away from legacy, paper-based processes. PayCargo’s innovative, cloud-based solution has established a robust industry contactless payment ecosystem that enables payers to quickly and securely pay air and ocean carriers, maritime ports, ground handlers, freight forwarders and customs brokers, amongst others. This allows for faster cargo release, the elimination of inefficient manual processes and fees, improved transparency and cash flow management, as well as streamlined invoicing and account reconciliation.