PassFort raises $16.2M in a Series A round led by Level Equity

SaaS News - PassFort raises $16.2M in a Series A round led by Level Equity (source: SaaS Industry)
At a Glance

Level Equity led a $16.2 million Series A fundraising round for PassFort, a turnkey compliance solution. The funds will be used to help PassFort achieve its aim of being the category leader in compliance automation for regulated sectors by expanding globally.

PassFort, a turnkey compliance solution, has announced that it has raised $16.2M in a Series A funding round led by Level Equity. Other participants include OpenOcean, Episode 1, Entrepreneur First, and Shard Credit Partners.

The funds will be used to realize PassFort’s global growth plans and its ambition to be the category leader in compliance automation for regulated businesses. The company is now set for a scaleup in the implementation of its RegTech solution worldwide.     

We are excited to have secured this substantial new funding so quickly. PassFort is currently capitalizing 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.

Donald Gillies, PassFort’s CEO and co-founder

PassFort, a London-based SaaS provider that helps businesses meet compliance requirements such as KYC (Know Your Customer) and AML (Anti-Money Laundering) reporting.

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.

Charles Chen, a partner at Level Equity, who will join PassFort’s board of directors

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.

William Chappel, head of Venture Debt at Shard Credit Partners
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