Passport raises $43m from Bain Capital
Hello 2018!
Transportation mobile payments company Passport is starting 2018 with an extra $43 million in the bank, reports Julie Muhn at Finovate (Banking Technology‘s sister company).
The US-based company closed the Series C round, an investment that brings Passport’s total capital to $60 million, just before the winter holidays.
The investment comes from Bain Capital, which joins previous investors Grotech Ventures, MK Capital and Relevance Capital. Bob Youakim, Passport’s founder and CEO, says he sees the Bain Capital team as partners who “align really well with both our vision and our culture”.
Passport says it will use the funding to evaluate strategic acquisition opportunities and bolster sales and marketing efforts.
In the past three years, Passport reported a 3.5x revenue growth. It expanded its staff to 100 employees over the past year, with plans to add 50 more employees in 2018.
Founded in 2010, Passport offers mobile payment solutions for parking, transit and tolling. To date, the company’s solutions have been adopted by more than 450 agencies in over 5,000 locations worldwide, including Chicago, London, Toronto, Boston, Vancouver, Portland, Montreal and Miami.
Last month, the company partnered with TransLink to develop and launch Park&Go, a free mobile payment app for park-and-ride users in Metro Vancouver.
