PassFort, which automates financial crime and compliance processes, has closed its Series A round on $16.2m.
The investment was led by US growth equity firm Level Equity, with commitments also coming from previous PassFort backers OpenOcean, Episode 1 and Entrepreneur Frist. Additionally, $4.89m of the capital injection was supplied by Shard Credit Partners, which is the first investment from its new UK-tech focused debt strategy.
Funds from the round will help PassFort accelerate its growth and bolster its position in the market.
PassFort has had a successful few months, having named Curve and WorldRemit as its latest customers.
The RegTech company is a SaaS solution provider that helps companies automate their compliance processes. Its technology can streamline KYC and AML workflows, so humans are brought in for the high-value tasks that need their analysis, judgement and decision-making.
Level Equity partner Charles Chen said, “Over the last few years, financial institutions and organisations have experienced exponential growth in business volumes and data, which has only increased the complexity in staying compliant with ever-evolving regulatory laws. In parallel, we’ve experienced an unprecedented rise in sophisticated financial crime activity as channels into financial systems have been digitized.
“This has underscored the importance of compliance matters such as AML/KYC, yet 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.”
As part of the investment, Chen will join the PassFort board of directors.
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