Passthrought, a New York-based company which specialises in fund workflow automation for investors, fund managers, and other fintechs, raised $10M in Series A funding.
The round, which brings the total amount of funding to $15M, was led by Positive Sum with participation from Motley Fool Ventures, Broadhaven Ventures, Company Ventures and Great Oaks VC. Additional strategic angel investors and operators participated in this round included Kelsey Chase (co-founder at Aumni, Inc.); David Reuter (Partner at LLR Partners); Adam Demuyakor, (Founder and Managing Partner of Wilshire Lane); Eric Bahn (General Partner at Hustle Fund); and Peter Fader (Professor at the Wharton School of the University of Pennsylvania).
This new funding will help accelerate the company’s growth and enhance its product experience.
Led by CEO Tim Flannery, Passthrough provides an integrated platform that manages subscription document distribution, execution, and compliance in minutes, making the subscription document process simple for investors with replicable and verifiable identity information built in for future use. In addition to subscription documents, Passthrough also offers a comprehensive AML & KYC compliance product which collects information from investors so fund managers can remain compliant.
In addition to the new funding, Passthrough launched their anti-money laundering and know-your-customer offering, which collects information from investors, screens it against domestic and international sanctions lists, and provides case management tools to ensure regulatory compliance. Later this year, the launch of a new API integration offering provides an embeddable fund closing option for enterprises and other fintechs, with improved customization for a seamless experience in meeting fund workflow needs.
FinSMEs
02/02/2023