Passport Technology (“Passport”), a leading developer of technology-based solutions and services for the highly regulated payments, gaming, and financial services markets, today announced that it has received a strategic growth investment from an affiliate of Peak Rock Capital (“Peak Rock”), a leading middle-market private investment firm. The investment provides Passport with significant resources to expand its customer base, develop new technology-enabled products and services, and pursue additional strategic partnerships.
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Cleve Tzung, Chief Executive Officer of Passport, said, “Peak Rock’s investment will support our rapid growth, sharpen our focus on innovation and accelerate our proven customer acquisition strategy. Since 2019, we have more than doubled our installed base and expanded service offerings to new and existing customers. Today, Passport is installed in over 222 locations across six countries, and we expect that Peak Rock’s additional support will allow us to reach new heights and help us achieve our growth ambitions.”
“Passport has a significant pipeline of new opportunities with both new and existing customers across the globe,” said Scott Dowty, founder and Executive Chairman of Passport. “With this new capital and collaboration with Peak Rock, we will bring our company to its next stage of growth and further establish our position as the leading innovator and provider of technology-based cash access, compliance and loyalty solutions to gaming partners, while expanding our platform in additional end markets.”
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“Passport’s portfolio of tech-enabled products and solutions are trusted by many of the leading players in payments and gaming, and have allowed the company to realize exceptional growth since inception,” said Nick Basso, Managing Director at Peak Rock Capital. “This transaction exemplifies our continued focus on providing both capital and strategic partnership to innovative, growth-oriented businesses.”
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