Freightos, a digital booking and payment platform for international freight, is reporting strong end-of-year numbers — specifically for transaction volume.
Following a record 287,000 transactions on its digital platform in the fourth quarter of 2023, Freightos says it exceeded management expectations for the full year as the annual number of transactions surpassed 1 million for the first time.
In addition, Freightos said Q4 gross booking value increased 10% to $187.5 million. It said the number of buyers on the Freightos platform rose 12% year over year to 17,600.
The company said 2023 revenue totaled $20.3 million for the full year 2023. That’s a 6% increase compared to 2022.
Freightos transaction volume
The company includes in transaction volume all real-time global freight-rate comparisons, booking, and shipment management transactions.
In Q4, Freightos transaction volume surged 36% over the year-earlier quarter. Q4 gross booking value increased 10% to $187.5 million. It said the number of buyers on the Freightos platform rose 12% year over year to 17,600.
For the full year, the number of Freightos transactions surged 53% to 1.02 million. Gross booking volume increased 10% to $671.7 million.
Other Freightos year-end metrics
- The number of carriers selling on the Platform, primarily on WebCargo, increased to 45 as of the end of the fourth quarter of 2023. Among these carriers are Japan Airlines and an unidentified North American airline.
- Additional new airlines signed to join the WebCargo platform in the fourth quarter, including two top-20 air cargo carriers. The company also signed its largest software-as-a-service (SaaS) contract ever with another top-20 carrier that relies on Freightos for its cargo portal, the company says.
Chief executive, Zvi Schreiber, said that in its first year as a public company Freightos had “demonstrated remarkable resilience at a time of significant challenges for the freight industry”.
It also achieved a significant milestone to reach over a million transactions in 2023. He added: “This pivotal year has solidified our position as a leading platform for international freight, highlighting how our relentless drive to digitalize the industry delivers exceptional value to our customers.”
Chief financial officer, Ran Shalev, added: “The past year has shown solid growth and solid progress towards profitability, illustrating our strategic balance between fostering growth and managing costs, while maintaining a healthy financial position.
“As we enter 2024, we aim to efficiently scale transactions and revenue, while further reducing our cash burn. Our long-term financial strategy is about establishing our platform as a standard in the digital international freight market.”
