Passport, a Charlotte, NC-based provider of mobile payments for the transportation industry, raised an additional $43m in Series C funding.
The round, which brings the total invested capital to $60m, was led by Bain Capital Ventures.
The company intends to use the funds to continue expanding its global reach, accelerate product growth and innovation, invest in additional sales and marketing resources, and continue evaluating strategic acquisition opportunities.
Led by Bob Youakim, founder and CEO, Passport provides a mobile-first platform that enables organizations in the public and private sectors to streamline their operations, enhance customer service, and make data-driven decisions.
The company’s product lines include parking, transit and tolling payments, parking enforcement, and permit management has been adopted by more than 450 cities, universities, and private operators around the world in cities including Chicago, Toronto, London, and Miami, across more than 5,000 locations.
The company currently has nearly 100 employees with plans to hire 50 more in 2018.