PassFort, a London-based SaaS solution that helps businesses achieve compliance needs like KYC (Know Your Customer) and AML (Anti-Money Laundering) reporting, raised $16.2 million in a Series A round led by Level Equity, a US growth equity fund.
Existing investors OpenOcean, Episode 1, and Entrepreneur First also participated in the round. Series A is a mix of equity and debt, with $4.89M worth of venture debt being provided by Shard Credit Partners.
The new funding will be put towards stepping up its growth globally — with PassFort noting it’s hired a new C-suite for its growing team to lead the planned global push.
Company: PassFort Limited
Raised: $16.2M
Round: Series A
Funding Month: September 2021
Lead Investors: Level Equity
Additional Investors: OpenOcean, Episode 1 and Entrepreneur First
Company Website: https://www.passfort.com/
Software Category: SaaS solution
About the Company: PassFort is a born-in-the-cloud SaaS solution provider defining the next wave of RegTech by adding the human touch to compliance automation. They are hardware-free, affordable, flexible to configure, and easy to use, with constant feature innovation and a choice of deployment options. PassFort’s dynamic orchestration of customer due diligence (CDD), enhanced due diligence (EDD), Know Your Customer (KYC), Know Your Business (KYB) and anti-money laundering (AML) workflows put the weight of compliance activity on automation and our risk engine, not your customers. Their mission is to digitally transform the way compliance professionals work, breaking the compromise between compliance and customer experience in the fight against financial crime.
Source: https://techcrunch.com/2021/09/14/passfort-a-regtech-saas-for-kyc-and-aml-nets-16-2m/