Passport, the technology business for city transit systems, raises $43 million

Passport, company that’s managing much of the technical aspects of how people pay to use public transportation resources in cities like London, Miami and Los Angeles, has just raised $43 million.The money, from Bain Capital Ventures, will go to help the company expand its payment and transaction services nationally and internationally as cities and states wrestle with how new mobility technologies will transform vast portions of urban infrastructure and government income.

Still a lot of money (and margin) in higher risk niche payments.


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