Passport Raises $43 Million from Bain Capital

Transportation mobile payments company Passport is starting 2018 with an extra $43 million in the bank. The North Carolina-based company closed the Series C round– an investment that brings Passport’s total capital to $60 million–  just before the holidays.

Today’s investment comes from Bain Capital, which joins previous investors Grotech Ventures, MK Capital and Relevance Capital. Bob Youakim, Passport’s founder and CEO, said that he sees the Bain Capital team as partners who “align really well with both our vision and our culture.”

In the press release, the company notes it will use the funding to evaluate strategic acquisition opportunities and bolster sales and marketing efforts. Youakim also said the investment, “gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and support our clients around the world.”

Proving its readiness for expansion, the company has already achieved notable growth. In the past three years, Passport has experienced 3.5x revenue growth and has expanded its staff to 100 employees in 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. At FinovateEurope 2016, the company demoed its Mobile Ticketing for Transit solution. Last month, the company partnered with TransLink to develop and launch Park&Go, a free mobile payment app for Park & Ride users in Metro Vancouver.

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Passport Raises $8 Million in Series B

Passport_homepage_June2016

Here’s a funding from one of our more interesting alums that slipped below the radar last month: mobile payment innovator Passport has raised $8 million in new funding. The Series B round was led by MK Capital, and featured participation from Grotech Ventures and Relevance Capital. The new investment takes Passport’s total funding to $17 million.

Passport CEO Bob Youakim said that the capital infusion would help speed the company’s growth and expansion both in the United States and around the world, as well as enable Passport to add talent to the team. “Our enterprise platform is striking a chord with the market as they look to bring technology into their operations and drive efficiency.” Youakim said. Bret Maxwell, MK Capital managing general partner, called Passport “the clear market leader on many fronts” and praised the company’s “cutting edge platform, expanding revenue growth, and … strong industry partnerships.”

Passport_stage_FEU2016

Passport CEO Bob Youakim and CBDO Khristian Gutierrez demonstrated their mobile payment for transit solution at FinovateEurope 2016 in London.

Passport specializes in providing mobile payment solutions for transportation-related businesses, including parking and transit management. The company’s products include mobile parking-payment and public transportation ticketing technology, digital permits, gateway services for merchants, and integrations to help parking companies more efficiently monitor operations and collect revenue. Passport’s technology is being used in major metropolitan areas in North America such as Chicago, Toronto, Portland, and Salt Lake City.

Founded in 2010 and headquartered in Charlotte, North Carolina, Passport demonstrated its mobile payment for transit solution at FinovateEurope 2016. The company announced earlier this month that the Village of Orland Park had launched its new Passport-powered mobile parking-payment system. And in May, Passport partnered with the Southwest Ohio Regional Transit Authority to develop a mobile ticketing app for buses and streetcars. Also in May, Passport hired former Core Consulting Group CTO Mike Hulthen as its new VP of Engineering.