PassFort, a London, UK-based SaaS RegTech platform, raised 16.2m USD in Series A funding.
The round was led by Level Equity, with participation from existing investors OpenOcean, Episode 1 and Entrepreneur First. $4.89m worth of venture debt was also provided by Shard Credit Partners. In conjunction with the funding, Charles Chen, Partner at Level Equity, will join PassFort’s board of directors.
The company intends to use the funds to expand its global growth plans.
Founded in 2015 by Donald Gillies and Henry Irish, PassFort provides cloud based solutions that automate financial crime and compliance processes. The platform supports multiple customer types and product lines, with effortless expansion across 211 jurisdictions. So far, the company has supported regulated financial services companies to onboard more than 5 million customers in 197 countries, then manage risk and compliance standards throughout the customer lifecycle.
Customer include Curve and WorldRemit.