Regtech Provider PassFort Secures $16.2M in Series A Funding Round

PassFort, a SaaS RegTech provider, announced that it has raised 16.2 million USD in Series A funding round to realize its global growth plans and its ambition to be the category leader in compliance automation for regulated businesses.

Founded in 2015 by Donald Gillies and Henry Irish and headquartered in London, PassFort has supported regulated financial services companies to rapidly onboard more than 5 million customers in 197 countries, then manage risk and compliance standards throughout the customer lifecycle.

According to the latest announcement, the investment round was led by the US growth equity fund, Level Equity, with participation from PassFort’s existing investors OpenOcean, Episode 1 and Entrepreneur First.

“We are excited to have secured this substantial new funding so quickly,” said Donald Gillies, PassFort’s CEO and Co-Founder. “PassFort is currently capitalising on significant growth across the digital economy and the need for our automated compliance solutions, designed to make access to our customers’ products compliant and crime-free.”

“It is a testament to the efforts of our team and company culture to have come through the last 12 months in a position where our products and our customer base are growing so rapidly. This helped generate the high investor demand to partner with PassFort on this next phase of growth,”Donald added.