As the demand for compliance solutions increases, PassFort is leading the way in offering a unique KYC/AML platform. Recently, they raised a $16.2M Series A funding round, led by Level Equity and SignalFire. PassFort’s platform helps financial institutions with simplified customer onboarding and ongoing customer verification processes. It also offers an automated risk assessment system to enhance customer due diligence procedures. In this blog post, we’ll delve into what PassFort has to offer and how it can help your business stay compliant with regulations.
What is PassFort?
PassFort is a digital identity verification platform that helps companies comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. PassFort makes it easy to collect, verify, and manage customer data, while providing a frictionless user experience.
PassFort was founded in 2015 by James Varga and Richard Mabey. The company is headquartered in London, UK.
What does PassFort do?
PassFort is a KYC and AML platform that helps companies streamline their compliance processes. It offers a simple, secure way to collect and verify customer information, as well as providing tools to help assess risk and monitor compliance.
How much money has PassFort raised?
As of July 2019, PassFort has raised a total of $2.5M in seed funding from various investors including Acceleprise, Nyca Partners, and Blockchain Valley Ventures.
Who are the investors in PassFort?
The identity verification and anti-money laundering startup PassFort has raised $1 million in seed funding from a number of high-profile investors.
The list includes Seedcamp, Kleiner Perkins Caufield & Byers, Index Ventures, Passion Capital, and AngelPad. Also participating was Kima Ventures, which is run by former Google Ventures partner Shaygan Kheradpir.
How will PassFort use the new funding?
In order to continue its mission of providing KYC and AML compliance solutions, PassFort has raised $.M in series level equity funding. With this new funding, PassFort will be able to continue its work in developing innovative technologies to help financial institutions meet their compliance obligations. Additionally, the new funding will allow PassFort to expand its team and build out its sales and marketing efforts in order to reach more customers.
What is the market for KYC and AML solutions?
There are a variety of KYC and AML solutions available on the market today. Each solution has its own unique features and benefits that can be tailored to meet the specific needs of any business. When choosing a KYC or AML solution, it is important to consider the following factors:
– The size and complexity of your business: Do you need a comprehensive solution that can handle a large volume of transactions, or would a simpler solution suffice?
– The type of customer data you need to collect: What kind of information do you need to collect from your customers in order to comply with KYC and AML regulations?
– Your budget: How much are you willing to spend on a KYC or AML solution?
Once you have considered these factors, you can begin research different KYC and AML solutions to find the one that best suits your needs.
Conclusion
PassFort is a great example of the innovative solutions being developed to tackle AML and KYC challenges. Its series A equity round of $16.2M will further enable them to develop their suite of products, which range from AI-driven identity verification services to automated compliance checks and more. PassFort promises an intuitive experience for both customers and businesses alike, allowing for quick onboarding processes with fewer risks involved. As financial regulations continue to evolve, companies like PassFort are set to revolutionize how we do business in the future.
