Pass Technology Group, a background checking and regulatory solution developer, has bagged £3.25m in a new financing round.
This capital was supplied by existing unnamed shareholders, and brings the total funding raised by Pass Technology to £9.5m over the past three years.
Pass Technology is a background checking platform which aims to ease the onboarding process and compliance. Its services are used across the financial services, recruitment, government, aviation, retail and sharing economy spaces.
The mobile-based platform enables clients to access these services via the cloud to create customised workflows and interfaces.
Financial services use Pass Technology to access their background checks from a single locale, accelerate checking processes, maintain KYC compliance and lower costs of adhering to regulations.
With this capital injection, Pass Technology is looking to grow its team, further product developments and expand geographically. To support its growth plans, the company may make one or more acquisitions, which are currently under consideration, the company said.
To support this, the company has appointed Jack Teague as its new chief operating officer. Prior to this position, Teague served on Pass Technology’s board as a director of strategic projects. In this new role he will be involved with the daily running’s of the company.
PASS CEO Luke Battah said,” These are exciting times for PASS as we scale up to meet the ever-growing nee ds and demands of our clients. We believe we have a unique offering that addresses the real needs companies have to ensure that they meet both their regulatory and business requirements when undertaking background checking.”
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