Passport, a leading developer in technology-based solutions for the gaming and financial markets, has received a strategic growth investment from Peak Rock.
Peak Rock's substantial investment will give Passport resources to expand its customer base, develop new technology-based products and services, and gain strategic partnerships.
Passport provides complex solutions to make financial and gaming transactions easier for its clientele. Its services include redemption kiosks, quasi-cash, cash and cashless integrations, casino automation, regulatory compliance solutions, bank-sponsored transaction processing and agnostic application management systems.
Passport Founder and Executive Chairman Scott Dowry says: “Passport will 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.”
The locations of these additional markets have not yet been clarified by Passport, but it emphasizes that investment will allow growth into new regions.
Passport Chief Executive Cleve Tzung says “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 achieve our growth ambitions."
Passport was founded in 2016 and is based in Las Vegas. Through its privileged gaming licenses and payment sponsorships, has securely and responsibly settled over $45bn in funds to casino floors globally.
Peak Rock Capital is a leading middle-market private investment firm that makes equity and debt investments in companies in North America and Europe. It excels in driving rapid growth and performance improvement.
Peak Rock Capital Managing Director Nick Basso believes that this is a sound investment for his company. He says: "Passport's portfolio of tech-enabled products and solutions are trusted by the leading players in payments and gaming, and have allowed the company to realize exceptional growth since inception.
"This transaction exemplifies our continued focus on providing both capital and strategic partnership to innovative, growth-oriented businesses."
