Charlotte startup raises $43 million in venture funding

Charlotte-based Passport said Wednesday that it has raised $43 million in its latest round of funding, as the company prepares to accelerate its growth.

The parking payment company’s third round of funding comes from Bain Capital Ventures, a private equity firm.

“We welcome the Bain Capital Ventures team as partners who align really well with both our vision and our culture,” said Bob Youakim, Passport’s founder and CEO, in a statement. “The new investment validates our position in the industry and gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and support our clients around the world.”

Passport creates software enabling mobile payments for parking, transit and tolls, replacing cash. Earlier this month, the company moved into bigger offices uptown from its former location in South End. The company plans to hire about 50 employees in 2018, adding to its current employment of about 100.

Matt Harris, Bain Capital Ventures’ managing director, said the company is positioned to lead a “revolution” in payments. The company’s technology is in use by cities including Chicago, London, Toronto, Boston and Miami.

“Having reviewed the industry, we believe Passport has emerged as the clear leader in the sector. Passport’s progressive and dynamic culture is exactly what we look for in a company,” Harris said.

Counting Bain’s investment, Passport has now raised $60 million worth of capital. Earlier investors include Grotech Ventures, MK Capital and Relevance Capital.

Bain led a $225 million funding round in 2015 for another Charlotte financial technology startup, AvidXchange.

This story was originally published December 20, 2017 at 11:34 AM with the headline "Charlotte startup raises $43 million in venture funding."