Charlotte-based Passport, which sells software that enables mobile payments for parking, transit and tolls, has raised a $43 million C round from Bain Capital.
The raise brings Passport’s total equity backing in three rounds so far to $60 million. Other investors include Grotech Ventures, MK Capital, and Relevance Capital.
Passport has seen revenue grow 352 percent within the past three years. Since last year, Passport increased its staff to nearly 100 employees and plans to hire 50 more in 2018.
Passport’s system includes mobile payments for parking, mobile ticketing for transit, mobile cashless tolling, digital permits and citation management, allowing its clients to gain operational efficiencies.
Passport will use the supplemental financing to continue expanding its global reach, accelerate product growth and innovation, invest in additional sales and marketing resources, and continue evaluating strategic acquisition opportunities.
“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.
“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. We believe that with technology we can affect meaningful change by improving the way people interact within their communities,” he said in a news release.
Youakim founded the company in 2010.
Bain Capital Ventures Managing Director, Matt Harris said in a statement, “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 continued. “We believe Bob and his team have the industry experience and vision necessary to lead the revolution in this space.”
The fintech company’s mobile-first platform has been adopted by more than 450 cities, universities, and private operators around the world in cities including Chicago, Toronto, London, and Miami, across more than 5,000 locations.
