Passthrough, a leader in fund workflow automation for investors, fund managers and other FinTechs has scored $10m in a Series A.
The round was led by Positive Sum and saw participation from Great Oaks VC, Company Ventures, Motley Fool Ventures and Broadhaven Ventures. A range of angel investors also took part.
With Passthrough, investors are able to speed through the fundraising process on subsequent funds with just a few clicks, allowing fund managers to close capital commitments in minutes instead of weeks.
Their mission is to become the default fund closing platform for fund managers, fintechs, and other large asset managers by combining seamless fund workflows with structured, interoperable investor identity information.
Later this year, a new API integration offering from Passthrough will provide an embeddable fund closing option for enterprises and other FinTechs, with improved customization for a seamless experience in meeting fund workflow needs.
Passthrough also recently launched its latest, standalone AML and KYC offering, which collects information from investors, screens it against domestic and international sanctions lists, and provides case management tools to ensure regulatory compliance.
Passthrough CEO and co-founder Tim Flannery said, “Fund managers spend months and sometimes years convincing investors to invest in their funds, so why introduce friction just when you’re getting them over the finish line?
“We provide them with a premium investor experience (a competitive advantage when it’s hard to raise capital), better tools to manage the raise that fit with their tech stack, and efficiency that translates into cost savings. This new funding will help accelerate Passthrough’s growth and enhance our product experience.”
Coverflex, an employee benefits platform, has recently landed €15m in a Series A funding round led by SCOR Ventures.
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