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

▤ Summary

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.With federal coffers depleted from tax cuts, local governments will be left to fend for themselves to pay for roads, bridges and other means of transportation.For now, Passport has its hands full with metro-rail, tolling, ticketing, parking and projects that cities are trying to maintain as legacies from the 20th century urban infrastructure.“Having reviewed the industry Passport has emerged as the clear leader in the space and its culture speaks to our way of progressive thinking, which is a very powerful driver,” Bain Capital Ventures managing director Matt Harris said.

$ Funding

▦ Linked Companies

Complus Data Innovations

$1M to $5M

Passport Labs, Inc.

$50M to $100M