A London-based SaaS regtech provider, PassFort that automates financial crime & compliance processes has just announced that it closed $16.2 million (nearly £11.7 million) in a Series A funding round.
Global growth plans
The investment round was led by US growth equity fund, Level Equity alongside participation from existing investors, including OpenOcean, Episode 1 and Entrepreneur First. Also, $4.89 million worth of venture debt was provided by Shard Credit Partners. Notably, PassFort becomes the first investment from its newly launched UK tech-focused venture debt strategy.
PassFort will use the funds for its global growth plans and its ambition to be the category leader in compliance automation for regulated businesses. It follows major customer wins for PassFort, including Curve and WorldRemit, and recent senior hires in its sales and marketing functions. Now, the company is all set to scale up the implementation of its RegTech solution worldwide.
“We are excited to have secured this substantial new funding so quickly.” Said Donald Gillies, PassFort’s CEO and Co-Founder. “PassFort is currently capitalising on significant growth across the digital economy and the need for our automated compliance solutions, designed to make access to our customers’ products compliant and crime-free.”
“PassFort has solved this challenge by providing a next-generation RegTech software solution that enables customers to offer a seamless customer onboarding experience, maintain best-in-class monitoring capabilities, and balance automation vs. human touch via its intelligent orchestration engine,” said Charles Chen, Partner at Level Equity, who will join PassFort’s board of directors. “We are thrilled to partner with the industry thought leader in this space and look forward to supporting the company’s future growth initiatives.”
William Chappel, Head of Venture Debt at Shard Credit Partners, said “We are delighted to have been able to provide financing support to PassFort and are extremely pleased to announce this as the first deal of the new Shard Credit Partners tech-focused venture debt strategy. PassFort is a name that I have followed for many years, and Donald and his team continue to build a dynamic and exciting offering. We are looking forward to working closely with PassFort as they continue to achieve strong growth milestones”.
Fights against financial crime
Founded in 2015 by Donald Gillies and Henry Irish, PassFort has supported regulated financial services companies to rapidly onboard more than 5 million customers in 197 countries, and manage risk and compliance standards throughout the customer lifecycle. Its solutions are designed for the digital economy: hardware-free, affordable, flexible to configure and easy to use, with constant feature innovation and a choice of deployment options.
It solves compliance challenges at scale without being costly to implement or evolve. It supports multiple customer types and product lines with effortless expansion across 211 jurisdictions. PassFort removes the compromise between compliance and customer experience in the fight against financial crime.