Passfort acquired by Moody's for an undisclosed sum
The acquisition marks the first exit for the Volution Venture Fund
We are delighted to announce that Volution portfolio company Passfort has been acquired by global risk assessment firm Moody’s. This marks the first exit for our new fund, Volution.
Founded in 2015 by Donald Gilles and Henry Irish, London based company Passfort is a SaaS-based RegTech solution that helps financial institutions automate anti-financial crime and compliance processes. Their simple and intuitive platform gives users access to 25+ leading providers of KYC, KYB, AMP and fraud data via a single API.
New York based firm, Moody’s, empowers organisations to make better decisions through risk assessment. Its data, analytical solutions and insights help Moody’s clients to make better decisions through understanding and managing the risks and opportunities of doing business with others.
This acquisition will allow the integration of PassFort’s centralised platform into Moody’s existing suite of KYC and compliance offerings, creating a more holistic workflow solution for its customers.
Impressed by Passfort’s capacity to revolutionise the RegTech Software ecosystem, the Volution team provided the company with bridge financing earlier this year, helping to pave the way first for their Series B, and now for acquisition.
We couldn’t be happier about becoming part of the Moody’s family.” Said Donald Gillies, CEO and Co-Founder of PassFort. “It’s been a year of global growth and expansion for PassFort, and this acquisition means we can offer yet more powerful solutions to our customers, while opening up a world of new innovation for the future of RegTech. It has been valuable to have the capital investment and support of the Volution team along our journey.”
James Codling, Managing Partner of Volution, commented “We are thrilled for Donald Gilles and the team at Passfort that this year of growth has concluded with the acquisition by a multinational corporation. This deal proves the strength of innovation within UK FinTech and RegTech industries, which we are proud to support at Volution”