Freightos Limited reported double-digit growth in its digital transactions, representing continued industry digitalisation takeup.

The booking and payment platform said in its preliminary first quarter 2024 Key Performance Indicators (KPI) that in the first quarter of 2024, the platform facilitated 295.6 thousand transactions, representing a year-over-year growth of 29%.

“Freightos continued to achieve operating milestones consistent with its long-term growth objectives,” it said.

“This strong, consistent transaction growth underscores the platform’s broadening market acceptance and the increasing embrace of digital solutions in the freight industry and is aligned with the company’s target of 20-30% annual transaction growth rate,” Freightos added.

It noted that Gross Booking Value (GBV) for Q1 2024 grew 14% compared to the same quarter last year, well above management’s forecast of 0-2% growth.

Freightos noted that this “outperformance stems mostly from elevated freight rates during the first quarter, related to the Red Sea crisis.”

“In Q1 2024, the count of Unique Buyer Users rose to approximately 18 thousand, reflecting the platform’s success in continuously broadening the user base,” it added, noting that this 11% increase from Q1 2023 demonstrates Freightos’ commitment to enhancing user engagement and expanding its market reach.

Additionally, the carrier network expanded to 49 carriers, up from 37 in Q1 last year. 

Airlines offering capacity on the platform now account for 66% of total global capacity. 

“This emphasises that the long-term marketplace network effects of buyers attracting sellers and sellers attracting buyers continue unabated. This expanding capacity not only diversifies the freight options available to the platform users but also strengthens Freightos’ position in the logistics ecosystem, fostering a more dynamic and efficient marketplace,” Freightos said.