About a-team Marketing Services

A-Team Insight Blogs

PassFort Raises $16.2 Million to Fund Expansion

Subscribe to our newsletter

Financial crime compliance automation specialist PassFort has raised $16.2 million through its recent Series A funding. The company, whose SaaS-based platform automates financial crime and compliance processes, will use the funds to realise its global growth plans.

The funding round was led by the US growth equity fund, Level Equity, with participation from PassFort’s existing investors OpenOcean, Episode 1 and Entrepreneur First. Of the total, $4.89 million of venture debt was provided by Shard Credit Partners – with PassFort being the first investment from its newly launched UK tech-focused venture debt strategy. PassFort says the funding round follows major customer wins including Curve and WorldRemit, and recent senior hires in its sales and marketing functions.

According to Charles Chen, partner at Level Equity, who will join PassFort’s board of directors, financial institutions have experienced significant growth in volumes and data that has raised the complexity in remaining compliant with evolving regulatory measures. “In parallel, we’ve experienced an unprecedented rise in sophisticated financial crime activity as channels into financial systems have been digitised.”

This, he says, has underscored the importance of AML/KYC. “[But] companies often have to weigh the trade-offs between speed, compliance and automation. 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.”

Headquartered in London, PassFort was founded in 2015 by Donald Gillies and Henry Irish. The company helps clients onboard clients in a compliant manner, then manage risk and compliance standards throughout the customer lifecycle.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: FRTB: What still needs to be done before the global deadline of January 2023?

While implementation of Fundamental Review of the Trading Book (FRTB) regulation has been delayed twice for reasons first of complexity and second of the coronavirus pandemic, the final deadline of January 1, 2023 is less than a year away. For banks in scope of the regulation, the time to put necessary risk infrastructure and data...

BLOG

A-Team Extends, Expands and Releases 2021/2022 Edition of Regulatory Data Handbook

Don’t miss the latest edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. The 2021/2022 handbook covers more than 40 regulations, providing you with a detailed description of each regulation including its...

EVENT

Data Management Summit New York

Now in its 12th year, the Data Management Summit (DMS) in New York brings together the North American, capital markets enterprise data management community, to explore the evolution of data strategy and how to leverage data to drive compliance and business insight.

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...