London-based SaaS RegTech provider PassFort has closed a $16.2 million Series A funding round.
The Series A was led by the US growth equity fund, Level Equity, with participation from PassFort’s existing investors OpenOcean, Episode 1 and Entrepreneur First. $4.89 million worth of venture debt was also provided by Shard Credit Partners - with PassFort being the first investment from its newly launched UK tech-focused venture debt strategy.
Founded in 2015, PassFort's cloud-native platform has been used by regulated financial services companies to rapidly onboard more than five million customers in 197 countries, then manage risk and compliance standards throughout the customer lifecycle.
The new financing round follows major customer wins for PassFort, including Curve and WorldRemit, and recent senior hires in its sales and marketing functions.
Donald Gillies, PassFort’s CEO and co-founder, says the company is now set for a scaleup in the implementation of its software worldwide.
“We are excited to have secured this substantial new funding so quickly," he says. “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.”