The company currently supports customers across 197 countries and plans to use the funds to widen its footprint. Here are the top-line bullets you need to know.
PassFort, a RegTech company, raised $16.2M in a mix of equity and debt. $11.3M came from a Series A round drawing participation from Level Equity, Open Ocean Capital, Episode 1 Ventures, and Entrepreneur First, and $4.9M worth of debt was provided by Shard Credit Partners.
HOW’S THE COMPANY PERFORMING?
- UK-based PassFort offers SaaS solutions that address compliance challenges and elevate customer experiences.
- Operating in 211 jurisdictions, PassFort caters to a diverse customer base. It also reported that it has experienced 2.5X revenue growth over the past 12 months.
- It caters to 54 financial service companies, mainly in the digital payments sector, and has helped them onboard more than 5M customers across 197 countries.
- The company has built an ecosystem of 25 data partners, which includes Experian, Onfido, Dow Jones, and GBG.
- It claims to have processed 6M automated compliances worldwide as of June 2021.
WHY DOES THE MARKET MATTER?
- The global RegTech market is expected to grow at a CAGR of 22.3% to reach a value of $28.33B by 2027, according to Allied Market Research.
- An increased focus on financial regulatory compliance, the adoption of advanced technologies, and the growing number of collaborations between regulating bodies and financial institutions are driving market growth.
- Given that financial regulations and policies are continuously changing, larger companies, especially public enterprises, are turning to regulatory technologies to simplify the management of data records.