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#INTHEAIREVERYWHERE |
Vol. 20 No. 23 | Tuesday
June 15,
2021 |
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PayCargo, the fast-rising payment platform for logistics and about everything else in transportation marches on with a USD$125 million investment by the global private equity company Insight Partners. The fintech innovator said that is on track to process USD$10 billion in freight-related payments this year and will continue to invest in tech development and team expansion to support this continued growth globally. PayCargo is the largest independent freight payments network of its kind with over 67,000 active users remitting and receiving payments on the platform and thousands more joining each month. “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.” 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, amongst others. PayCargo integrates with over 20 leading TMS, ERP, and Terminal Operating Systems across all transport modes: Ocean, Air, Rail, and Trucking. Today, PayCargo’s network is the leading independent payment platform 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,” said Eduardo Del Riego, CEO of PayCargo. “We are excited to accelerate our mission to bring modern payment solutions to our increasingly global base of customers.” Profitable since its early stage, PayCargo continues to invest in tech updates, development, and enterprise-grade security to support this hyper-growth. PayCargo's innovative new tools include advanced real-time customer reporting and invoicing, new workflow tools to streamline partial payments and reconciliation, advance payments, and automated refunds in any currency. “Working with Insight Partners, we have doubled our team and developed new cutting-edge solutions as well as new partnerships, continuing to support the freight industry through this challenging last year,” said Thomas Vieweg, Global Chief Growth. “This next round of investment will ensure we continue to grow and expand into new markets with a focus on security and data protection, to fit every part of the supply chain.” The Series B Round comes just nine months after Insight Partners invested USD35 million in a Series A Round with the fintech innovator. Geoffrey |
If you were wondering when a major airline in the Americas would step up to the plate and make a big announcement of a deeper commitment to the all-cargo business, that just happened as Jason Berry, Vice President, Cargo at Air Canada delivered some history-making news Monday June 14. Right now Air Canada/Air Canada Cargo is in the process of converting several of its Boeing 767 aircraft into dedicated freighters with the first converted 767 freighter scheduled to enter service in October, from Toronto Pearson International Airport, on routes linking Toronto to Miami, Quito, Lima, Mexico City and a new route to Guadalajara, the first time Air Canada Cargo will serve this destination. “We believe in the future of air cargo! “Our new freighter fleet will provide long-term stability and growth for our cargo customers, in particular the freight forwarding community who require reliable air freight capacity year-round. “Air Canada Cargo is building on the success of our cargo-only flights. “I am excited to have these aircraft enter service, a milestone for Air Canada Cargo that also opens up a world of opportunities for us and our customers.” Additional destinations to be served in early 2022, include Halifax, St. John's, Madrid and Frankfurt as more freighters enter service. “Air Canada Cargo will enhance its capabilities to transport goods such as automotive and aerospace parts, oil and gas equipment, pharmaceuticals, perishables, as well as handling the growing demand for fast, reliable shipment of e-commerce goods.” Since March 2020, Air Canada has operated more than 9,000 all-cargo flights using its wide-body passenger aircraft as well as certain temporarily modified Boeing 777 and Airbus A330 aircraft, which have additional available cargo space due to the removal of seats from the passenger cabin. More click here. Geoffrey |
Trade Show Madness . . . Right now if you
look, there are (count ’em) no less than four, and maybe more live
cargo trade shows on the boards to be held between August 1st and the
end of 2021.
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Six months into 2021 European air traffic is less than half the volumes of mid-June 2019. But air cargo continues to soar up 16% over volumes two years ago with a fraction of the cargo-carrying aircraft in service from the June 2019 timeframe . . . Brussels Airlines is back over the Atlantic with flights to New York and Washington, D.C. beginning this week. Route to New York’s JFK will operate on Mondays, Fridays and Sundays, using an Airbus A330-300. Flights go to four a week July 1. Route out of D.C.’s Dulles will operate four times per week, on Tuesdays, Wednesdays, and Saturdays . . . Bailouts appopin’—SAS gets €300 million from Denmark and Sweden awaits EU rubber stamp after losing €240 million first quarter . . . Meantime Aeroflot Group lost €280 million in Q1 . . . China Southern Airlines receives US$156 million cash injection from state owned parent . . . Despite already having been cancelled twice due to outbreaks Hong Kong and Singapore will try again with a travel bubble due to launch in July . . . Elsewhere Hong Kong Airlines plans to ground most of its fleet of planes and use those still flying to carry cargo, grounding its entire fleet of A320s with only eight A330 jets to continue flying. Carrier has long felt the cash squeeze enhanced now by bankrupt stockholder, Mainland China conglomerate HNA Group . . . The BIFA Freight Service Awards 2020/21 competition is now open for entries. Download your entry forms and relevant guidelines for entrants here . . . |
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Vol. 20 No. 20 This Is My India Today Living Cargo As Pandemic Cripples India Pumping Traffic Go Or No Go |
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Publisher-Geoffrey Arend
• Managing Editor-Flossie Arend • Editor Emeritus-Richard
Malkin Film Editor-Ralph Arend • Special Assignments-Sabiha Arend, Emily Arend |
Send comments and news to geoffrey@aircargonews.com 100% Green |