PassFort secures £11.7m Series A funding led by Level Equity to fuel global expansion
The funding round was led by Level Equity with participation from existing backers and venture debt from Shard Credit Partners.
PassFort provides a SaaS platform that automates financial crime and compliance processes for regulated businesses. Headquartered in London, the company helps clients manage risk and onboarding throughout the customer lifecycle.
PassFort has secured £11.7m in a Series A funding round led by Level Equity, with participation from OpenOcean, Episode 1, and Entrepreneur First. The financing includes £4.9m in venture debt provided by Shard Credit Partners as the first deployment from its new UK technology focused debt strategy.
The capital will support the company as it pursues global expansion and scales the implementation of its regulatory technology solutions worldwide. The raise follows recent client acquisitions and key hires across sales and marketing functions.
Level Equity partner Charles Chen will join the board of directors following the investment.
From the founder
"We are excited to have secured this substantial new funding so quickly."
Donald Gillies
CEO and Co-Founder at PassFort
Investor perspective
"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 digitised. 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,"
Charles Chen
Partner, Level Equity
Use of funds
- 01Expand into international markets
