Investment to fund expansion and new product
development
CORAL GABLES, Fla.,
June 15, 2022 /PRNewswire/ --
Logistics payments and data infrastructure platform PayCargo has
announced 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.
"PayCargo is a category leader, operating at the intersection of
several of our highest-conviction investment themes – including the
continued proliferation of electronic payments, the digitization of
the supply chain, and the modernization of business-to-business
payments," said Vini Letteri, Senior
Managing Director and Head of Financial Services for Blackstone
Growth. "We believe that these attractive tailwinds, combined with
the strength of PayCargo's offering, positions the company well for
its next phase of growth."
Blackstone, through its private equity, infrastructure, and real
estate businesses, has invested significantly in the broader
logistics, supply chain, and e-commerce space, including acquiring
a leading port operator in North
America and over 1.1B sq ft of
warehouse assets globally.
"Our partnership with Blackstone plays an important role in
furthering our commitment to transforming the movement of goods and
fostering increased efficiencies through PayCargo's payment
platform. Like Blackstone, we share the same mission and vision –
serving the needs of our customers by building the largest
independent freight payments network. Blackstone's experience in
the logistics, supply chain, and e-commerce space will be
invaluable for PayCargo as we continue to expand globally," said
Eduardo Del Riego, PayCargo CEO.
PayCargo's cloud-based payments network enables payers to
quickly and securely pay air and ocean carriers, maritime ports,
ground handlers, freight forwarders, and customs brokers, among
others. PayCargo integrates with over 50 leading Transportation
Management Systems (TMS), Enterprise Resource Planning (ERP), and
Terminal Operating Systems (TOS) entities across various transport
modes: Ocean, Air, Rail, and Trucking. Today, PayCargo's network of
more than 40K businesses is the
leading independent payment platform focused on expediting the
movement of cargo in North America
and is rapidly expanding in Europe
and other geographies.
Profitable since an early stage, PayCargo continues to invest in
software updates, development, and enterprise-grade security to
support this hyper-growth. PayCargo's innovative new tools include
real-time customer reporting and invoicing, as well as new workflow
tools to streamline partial payments and reconciliation, advanced
payments, and automated refunds in any currency.
About PayCargo
PayCargo is the most trusted logistics
payment platform for faster release of cargo. With over 5,000
active vendors in the PayCargo Network, 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.
For a more secure, efficient way to reduce costs associated with
payment processing and to eliminate the traditional
resource-intensive system of requesting, printing, mailing, and
delivering checks, wire transfers or cash, join other leading
freight shipping companies and sign up with PayCargo today.
PayCargo makes it as easy as Ship, Click, and Pay.
For more information visit paycargo.com
About Blackstone
Blackstone is the world's largest
alternative asset manager. We seek to create positive economic
impact and long-term value for our investors, the companies we
invest in and the communities in which we work. We do this by using
extraordinary people and flexible capital to help companies solve
problems. Our $915 billion in assets
under management include investment vehicles focused on private
equity, real estate, public debt and equity, infrastructure, life
sciences, growth equity, opportunistic, non-investment grade
credit, real assets and secondary funds, all on a global basis.
Further information is available at www.blackstone.com. Follow
Blackstone on Twitter @Blackstone.
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