14. September.2021 – PassFort, a SaaS startup, headquartered in London announced that it raised USD 16.2 Million in a Series A round which was led by Level Equity, a US growth equity fund.
The existing investors like Entrepreneur First, OpenOcean and Episode 1 also participated in this funding round. This Series A round of PassFort is a mix of debt and equity, with USD 4.89 Million in venture debt done by Shard Credit Partners.
PassFort will utilize this funding to increase its growth in the global market, it will also hire more workforce in marketing and business development, customer support and sales as it will grow.
Words from the investors –
Commenting in a statement, Charles Chen, partner at Level Equity — who’s now joining PassFort’s board of directors said “Over the last few years, financial institutions and organisations have experienced exponential growth in business volumes and data, which has only increased the complexity in staying compliant with ever-evolving regulatory laws. In parallel, we’ve experienced an unprecedented rise in sophisticated financial crime activity as channels into financial systems have been digitized.”
“This has underscored the importance of compliance matters such as AML/KYC, yet companies often have to weigh the trade-offs between speed, compliance and automation. 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. We are thrilled to partner with the industry thought leader in this space and look forward to supporting the company’s future growth initiatives.” he added.
About PassFort –
PassFort was initiated by Donald Gillies in 2015. It is a RegTech startup that provides a SaaS platform for KYC (Know Your Customer) and AML (Anti-Money Laundering) reporting. It also sells its SaaS to customers in banking, foreign exchange and crypto. It currently has 54 customers in total.
“On the product side we are developing the solution to meet the demands of the changing digital economy and the threats it faces,” says CEO and co-founder Donald Gillies. “This means investing heavily into our new compliance policy cloud, system-to-system integrations with market-leading CRM and transaction monitoring systems as well as building a data team capable of deriving valuable real-time insights across our customer network.”
PassFort says that its revenue grew approximately 2.5 times in the last one year.
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