International eCommerce Shipper Passport Raises $39M

Passport, a company specializing in international shipping for eCommerce, has raised $39 million in a Series B funding round.

“These funds allow us to do two big things,” CEO and co-founder Alex Yancher said in a news release Tuesday (Jan. 25).

“The first is to further develop our software-based infrastructure for cross-border eCommerce and secondly, to expand on our recent acquisition of Access Worldwide by building out our physical logistics capabilities. We’re building a modern international shipping solution that combines best-in-class technology with best-in-class logistics, and this investment helps us get there faster.”

With this funding round, which was led by TCV, Passport has raised a total of $54 million since its inception in 2017.

Based in San Francisco, Passport serves the international shipping needs of direct-to-consumer brands, marketplaces and eCommerce third-party logistics providers.

Clients such as Kylie Beauty, Bombas, Native, Ritual and Seed.com depend on Passport to handle their cross-border shipping services that include door-to-door international parcel shipping to more than 150 countries, as well as handling international regulatory, duty and tax compliance. Passport says this includes a duty and tax calculator for Shopify, BigCommerce and WooCommerce.

“Before Passport, international shipping was a nightmare,” said Jonathan Bayme, CEO of Theory11, a company that makes luxury designer playing cards.

“Now, it’s a dream — making it easy and effortless for Theory11 to expand into new countries with lower cost, faster delivery times and rapid support. Our customers are happy, and their packages arrive more quickly for less cost,” Bayme said.

Read more: Localized Payments Are the Gift That Keeps on Giving for Global Merchants

As PYMNTS research has found, consumer interest in making cross-border eCommerce purchases continues to rise, with the value of global cross-border retail payments projected to jump from $1.95 trillion in 2016 to $3.56 trillion this year.

And more than 75% of four online consumers in Australia, Canada, China, France, Germany, Japan, the U.K. and the U.S. report having bought from eTailers outside their home countries in the last year, up 69% from 2019.