By Katy Smith – Writer, TBJ Content StudioJun 23, 2026

In South Florida’s fast-paced business environment, growth often depends on more than access to capital.

For Coral Gables-based PayCargo, that growth has taken place in global logistics, where, like most industries, processes historically relied heavily on manual work. Payments were carried out via paper checks and wire transfers, and transactions, especially across borders, could be slow and prone to error.

As customer expectations shifted toward faster delivery, real-time tracking visibility and instant payments, the digital revolution came to freight logistics. And PayCargo stepped into the vacuum with a payment platform to meet the critical need for speed.

“PayCargo helps accelerate global logistics through secure, real-time freight payments and connected operational workflows,” said Jose R. Vazquez Jr., chief global banking and compliance officer for PayCargo. “We help freight forwarders, carriers, terminals, customs brokers and shippers process payments faster, reduce manual work and improve cargo release coordination across the supply chain.”

Global growth challenges

As PayCargo scaled to serve a network of more than 150,000 businesses and 6,500 carriers, vendors, handlers and terminals worldwide, its platform evolved to support more complex workflows and operational needs. “That growth has led to continued investment in areas like accounts payable automation, container lifecycle visibility, intelligent workflow automation and connected logistics solutions,” Vazquez said.

Evolving from a freight payment platform into a logistics platform connecting financial and operational workflows meant it needed more sophisticated banking services. Out-of-the-box banking and financing solutions for the fast-growing fintech, operating in the complicated and rapidly evolving global supply chain sector, wouldn’t meet those needs.

PayCargo leadership sought a banking partner that could provide not only financial products, but direct access to decision-makers and a strong understanding of the business.

The company capitalized on the existing relationship with Popular Bank Senior Relationship Manager Frank Muniz, who had originally brought PayCargo to the bank several years earlier. Trust was a major factor.

“He was my banker for a former business venture, so I knew with him and Popular Bank, PayCargo was in good hands,” said Eduardo Del Riego, global CEO of PayCargo.

“What mattered most to us was having direct access to the person managing our relationship and confidence that they had our best interests at heart,” Del Riego continued. “As our needs evolved, we were introduced to other members of the bank’s management team, which expanded our access to local financial and industry expertise.”

Local insight can be especially important for businesses operating in South Florida’s international trade and logistics landscape. Muniz said companies similar to PayCargo play a meaningful role in the regional market.

“By providing a specialized payment solution, a company like PayCargo helps power international trade, logistics and export-import businesses, which are all critical to the local economy in South Florida and the broader U.S.,” Muniz said.

A relationship banking approach for a growing, more complex business

Driven by its evolution into a multinational organization connecting financial and operational workflows, PayCargo requires advanced lending, treasury management, and investment solutions. Rather than just implementing these services on a transactional basis, the company adopts a collaborative team banking approach to fuel its ongoing expansion.

“Each time we’ve expanded our capabilities, we’ve been introduced to another financial professional who is part of the Popular family, bringing their expertise along with a personal touch that makes our relationship special,” Vazquez said.

The partnership recently helped the company establish a new working capital facility designed to meet its operational goals, said Eduardo Del Riego.

“Due to the relationship we’ve established over the years, we’ve been able to collaborate with various Popular Bank teams ranging from the front line to their top executives,” Del Riego said. “Together we’ve established financial solutions that are customized to PayCargo’s specific needs.”

Popular Bank’s relationship banking approach centers around understanding each client’s operations, strategy and long-term plans before recommending financial solutions.

“We don’t force anyone into standardized products,” Muniz said. “Our approach begins with financial analysis and conversations about strategic planning.”

For PayCargo, discussions focused on flexible working capital options designed to accommodate seasonal fluctuations and trade cycles, as well as treasury management tools aimed at improving operational efficiency.

Strategy for the long haul

A banker who gets into the details of a particular business to understand its unique challenges and opportunities can provide strategic value well beyond traditional lending or access to capital.

“Our banker has been the trusted adviser helping PayCargo as our needs have evolved,” Del Riego said. “Frank and the Popular Bank team worked very closely with PayCargo’s executive management to understand our growth objectives and together developed a structure that reflected our specific needs, rather than trying to fit us into a standardized product.”

Muniz believes this level of collaboration is essential for businesses navigating growth and market changes.

“At Popular Bank, we take a long-term view of every client relationship,” he said. “We are there to offer market expertise, advise on regulatory changes, accelerate expansion when possible and help them make better financial decisions.”

Del Riego sums it up simply: “They’re more than a bank. They’re a true partner.”

Learn more about Popular Bank’s business banking solutions.

Katy Smith is a freelance writer with The Business Journals Content Studio.