PassFort, the SaaS RegTech provider, has raised $16.2 million in Series A funding.

The London-headquartered firm's platform automates financial crime and compliance processes, and the new cash will be used to drive the company's global growth plans among regulated businesses.

The funding round was led by US-based Level Equity, with participation from PassFort’s existing investors OpenOcean, Episode 1 and Entrepreneur First. $4.89 million worth of venture debt was also provided by Shard Credit Partners – with PassFort being the first investment from its newly launched UK tech-focused venture debt strategy.

The raise follows major customer wins for PassFort, including Curve and WorldRemit, and recent senior hires in its sales and marketing functions.

Donald Gillies, PassFort’s CEO and co-founder, said: “We are 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.”

Charles Chen, a partner at Level Equity, added: “We've seen 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 solution that enables customers to offer a seamless customer on-boarding experience, maintain best-in-class monitoring capabilities and balance automation versus a human touch via its intelligent orchestration engine,” said Chen.

Chen will join PassFort’s board of directors.

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