Mobile payments platform Passport has closed a $43m Series C funding round led Bain Capital Ventures.
The solution enables public and private sectors to simplify operations and enhance customer services. Some of the product lines available are parking, transit and tolling payments, parking enforcement, and permit management, among others.
The company has been implemented in 5,000 locations including Chicago, Toronto, London, and Miami.
Passport has seen a 352 per cent growth over the past three years and last year the company grew its staff numbers to just under 100 people. Next year, the company is looking to continue this, by hiring another 50 people.
This capital financing will be used to expand the company’s global reach and boost the product’s growth and innovation. Some of the funds will be put to adding sales and marketing resources and exploring strategic acquisitions.
Bain Capital Ventures managing director Matt Harris said, “Having reviewed the industry, we believe Passport has emerged as the clear leader in the sector. Passport’s progressive and dynamic culture is exactly what we look for in a company.”
With this new investment line, it brings the company’s total funding efforts to $60m, with previous investors including Grotech Ventures, MK Capital and Relevance Capital.
Earlier in the year, Bain Capital led the $56m Series C round in to e-commerce fraud detection solution Signifyd.
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