Passport Continues Expansion in Second Quarter
An expanding client base supported by new funding and leadership additions point to next phase in company growth
CHARLOTTE, N.C., July 8, 2021 /PRNewswire/ -- Passport, a transportation software and payments company, continued to expand its client roster in the second quarter with new cities such as Elizabeth, NJ and Worcester, MA and expanded services with existing clients, such as Great Falls, MT. With cities reopening, the company also experienced transaction growth of 229% in the second quarter 2021 as compared to the second quarter of 2020. This rebound in transactions, new clients, leadership additions and the latest round of funding all point to the acceleration of growth for the company.
During the quarter Passport continued to strengthen its leadership team with the hiring of Chris Matton as General Counsel and Greg Wakefield to oversee all revenue operations. In addition, Passport announced $90M in new funding to further improve the company's digital platform to help cities manage their parking and mobility infrastructure
Passport's CEO David Evans is proud of what Passport has accomplished so far this year and is focused on forward-thinking approaches that will bolster the company's ability to scale. "Passport couldn't be successful without all of the talented people we have, and are attracting to, the organization," said Evans. "Everyone at Passport plays a role in delivering top-quality solutions for our clients so we can support their goals of maximizing the use of curb space in a way that is safe and equitable."
Passport's growing client base is a testament to its advanced technological capacities and trusted partnership in supporting cities as they reopen. Key West, Florida is among Passport's newer clients who have installed Passport Parking, bringing cashless payments as an option for the first time to parkers in the City. Digital enforcement, which allows rules, rates and restrictions for the curb to be housed in a central system, was also part of the implementation. The City projects close to 15% savings in operational costs as a result of the rollout of these solutions.
Portland, Maine is another example of a city that continues to advance the parking experience with the launch of Passport's permit management solution which enables parkers to conveniently apply for residential parking permits from an online portal. In 2018, Portland launched the Passport Parking app which remains a popular choice among visitors and local residents with overall app utilization greater than 50 percent.
Passport has processed more than $2B mobility transactions to-date and experienced financial growth of 457% over the past three years. To learn more about how Passport supports cities' mobility infrastructure, visit the company website.
About Passport
Passport is a transportation software and payments company that builds technology for more efficient streets and sidewalks. Based in Charlotte, North Carolina, Passport is trusted by more than 1,000 cities, universities and agencies, including Chicago, Toronto, Los Angeles, and Miami. Passport's digital platform helps cities manage parking and mobility infrastructure, creating more livable, equitable communities. One of the fastest-growing companies on the Inc. 5000 and Deloitte Technology Fast 500 lists, Passport was also named to Fast Company's World's Most Innovative Companies for 2020.
SOURCE Passport
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