Pass Technology secures $3.68 million to simply background checking and provide all-in-one screening solutions
Headlines are filled with unscrupulous employees stealing organizations’ critical assets. It’s more important now than ever for businesses to have a comprehensive background checking strategy to handle recruitment employee screening. There are 32 million people in employment in the UK alone, with 28 million being UK nationals and 3.5 million being Non-UK nationals.With so many workers in the UK, businesses need to be able to screen and vet candidates effectively from different backgrounds, circumstances, qualifications and work histories. That’s where Pass Technology (PASS) comes in. PASS is UK-based background checking and regulatory technology startup company that is disrupting the background checking industry, providing a technology solution that centralizes all an organisation’s checks in one location for a faster, fully compliant and more cost effective process. The PASS system allows all checks to be carried out digitally and by fewer people – speeding up the process while maintaining full visibility for compliance purposes.
Today, PASS announced it has closed a $3.68 million (£3.25 million) round of financing to accelerate the its growth plans. Specifically, the new funds will be used to expand the PASS team, facilitate new product developments and to enable the further geographic expansion of the PASS business, which may include one or more acquisitions that are currently under consideration. The latest funding was raised from existing shareholders to enable further investment in the PASS team and to facilitate expansion. The £3.25 million investment brings the total amount invested in PASS over the past three years to £9.5 million.
In connection with the funding, PASS said it has appointed Jack Teague to the position of Chief Operating Officer. Previously brought on board as Director of Strategic Projects, Jack’s new role will see him actively involved in day-to-day operations.
Founded in 2016 by an international team of background checking technology experts. PASS is an international team of background checking technology experts. We are constantly working to disrupt the industry and provide innovative solutions in order to make background checking quicker, easier and more effective.
Commenting on the financing, Luke Battah, Chief Executive Officer of PASS, said: “We are delighted that we have secured further funding to accelerate our growth plans and I would like to thank our shareholders for their support. I would also like to take this opportunity to thank those institutional investors who expressed an interest in investing in PASS. However, the overwhelming support from our existing shareholders was such that we have restricted this round of funding to those already invested in the Company. “These are exciting times for PASS as we scale up to meet the ever growing needs and demands of our clients. We believe we have a unique offering that addresses the real needs companies have to ensure that they meet both their regulatory and business requirements when undertaking background checking.
“I am delighted to welcome Jack to the executive team. He has shown himself to be a highly talented and driven individual in his time with us so far and he is a brilliant addition to our leadership team.”We look forward to announcing further additions to the team and significant developments at PASS in the near future.”