PassFort announces close of Series A round to fund global expansion

By Joy Dumasia

PassFort, the SaaS RegTech provider whose platform automates financial crime and compliance processes, announced the close of its Series A funding, which gives the firm access to 16.2 million USD. The money will be used to realise PassFort’s global growth plans and its ambition to be the category leader in compliance automation for regulated businesses. 

The $16.2 million 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. Shard Credit Partners provided $4.89 million worth of venture debt, with PassFort being the first investment from its newly launched UK tech-focused venture debt strategy. 

The funding round follows major customer wins for PassFort, including Curve and WorldRemit, and recent senior hires in its sales and marketing functions. The company is now set for a scaleup in the implementation of its RegTech solution worldwide. 

Donald Gillies, PassFort’s CEO and Co-Founder said: “We are excited to have secured this substantial new funding so quickly. 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. It is a testament to the efforts of our team and company culture to have come through the last 12 months in a position where our products and our customer base are growing so rapidly. This helped generate the high investor demand to partner with PassFort on this next phase of growth.” 

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.”