This investment will allow the technology developer to fund and support the expansion of its client base, deliver new products and services and work towards forging new strategic partnerships with other companies.
Passport CEO Cleve Tzung 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 Founder and CE Scott Dowty detailed the company’s future plans, reporting “a significant pipeline of new opportunities.” He went on to reiterate Passport’s expansionist aims and goal of growing the platform “in additional end markets.”
Peak Rock Capital MD Nick Basso said: “This transaction exemplifies our continued focus on providing both capital and strategic partnership to innovative, growth-oriented businesses.”
Passport develops technology-based payment solutions for a number of casinos across the globe. In February 2022 the company signed a deal with Lucky Eagle Casino & Hotel, in an effort to boost its presence in Washington State. The deal saw Passport provide its cash access service, check warranty, jackpot dispensing, anti-money laundering and cage automation solutions for the casino.
