PassFort newsletter for Q3 2021

Summer came and went pretty fast, but it brought lots of excitement with it. PassFort was able to announce close of its Series A funding, we started scaling up the team, and we kept focus on delivering the best solution for our customers.

Close of Series A

Q3 has been a busy one and not without excitement! On the 14th September, we were able to break the news that PassFort had closed its Series A fundraise. This made $16.2 million USD available for our global expansion plans. It was super exciting for the whole team and even resulted in our CEO, Donald, being invited to appear on Ian King's show, live on Sky News.

Since then, things have not stood still!

We've been bringing new people into the PassFort family - most of whom are either focussed on talking to the market about our solutions, helping our customers get set up on those solutions, or engineering solutions so they deliver even more for customers.

The dev team has been further bolstered by Rust writers, UX designers, and #girlswhocode. There are new members of the customer success team available to work with all our lovely new clients and their unique configurations of PassFort. And, we have built out our marketing and business development teams, whom you might have seen featured at events across London and Amsterdam in recent weeks.

The other big news is that we moved in Q3. We bid a fond farewell to 24 Cornhill and moved into our new digs in 1 Mark Square. As with many companies re-assessing the way they operate, we talked to colleagues and customers, and are now taking a remote-first approach. We have office space for meetings of mind, body and spirit, and the rest of the magic happens online; in the cloud (and occasionally at the kitchen table).

StoneX Retail solving KYC

Also in September, we got sign off from StoneX Retail on a new case study - and customer advocacy is always a good thing.

Back in 2020, StoneX Retail chose to partner with PassFort and use our Lifecycle solution to automate its customer onboarding and ongoing risk monitoring activity. Their objective was to maximise automation of compliance processes, given that more than 25,000 individuals each month apply for its products in different regions globally.

The team wanted a RegTech solution that could scale to meet its changing demands, without having to add more compliance resources to the budget. PassFort Lifecycle needed to cope with the complexity of regulation in different jurisdictions, as well as processing thousands of applications.

In the words of David Chen, VP of Product at StoneX Retail - "The US was the first integration with PassFort, when we saw all-time-high volumes of applications. This was a great test of the solution, its abilities and resilience. This introduction created a few fans across our organisation, particularly in our commercial department, who wanted to see a fast onboarding tool across the customer base."

We are delighted the partnership with StoneX is progressing well and you can read the full case study any time. And, if you're a PassFort customer and would like to take part in a case study, or even provide a review on G2, we would love that. We always want to engage with user feedback.

Product partnership updates

There has been a lot going on with the PassFort platform, especially around our network of data provider partners - but it's nothing you can't catch up on.

We welcomed a new partner, Abler Digital, in July. They are bringing compliance automation to financial services firms from Mauritius to Africa to the Middle East and beyond with PassFort. Working with them has been very fruitful, for which we're grateful.

We have also seen new developments with our data provider partners at -

+ Onfido for document verification

+ GBG ID3global and multi-bureau checks

+ And, most recently, with Creditsafe to verify company addresses

Data integrations are such an important part of our customers' KYC, AML and KYB processes, so these ongoing improvements with our awesome network of partners ensures more compliance efficiency and smoother due diligence processes.

You can always find the latest information about product developments in our change log and subscribe to receive notifications. Or you can get in touch with the team and they will happily talk you through what's available and what's new.

And finally…

And finally, something else that’s important to the philosophy of what we do and how we act here at PassFort is building trust online. That means being part of the RegTech ecosystem that supports financial services companies and their customers around the world.

With this in mind, we were extremely proud to be voted into the Fintech Power50 list in July. The list catalogues the top 40 trailblazing Fintechs and 10 of the world’s best influencers. The cohort for 2021 was launched live on stage at Fintech Week London.

Just one month later, we were able to announce our new membership to the Fintech Innovations Network (FIN). “FIN provides detailed product information and insight from across the industry. The platform connects Financial Institutions to innovative Fintech partners, creating a community of professionals who work closely together to reap the benefits of technology and data innovation.” Matt Neill, FIN’s Managing Director.

The Fintech Innovation Network is a free resource that you can access online. It’s focused on solving financial crime challenges, so if you’re looking for help, it’s a great place to start!

Bye for now

Honestly, there was a load more that happened in Q3, including Money 20/20 Amsterdam, where Donald Gillies took to the stage in a panel discussion on creating a trust utility online. There was the launch of our new research project with RegTech Associates, with the full report coming soon (watch this space). And there were a ton of other blogs and infographics that you might find useful and can find in the Resource section of this site.

But we don’t want to make your head spin (and we want to leave something for the Q4 newsletter), so for now we’ll leave it there Q3 and bid you a cheery goodbye. Thank you for everything you've given us. You will go down in PassFort history as one of the best, ever.