Passport Q1 ‘15 Brings 55% Growth in Revenue From Q4 ‘14; 27 Launches
Charlotte, NC – April 22, 2015 – Passport, the leading provider of mobile payments for parking and transit, today reports company and product highlights for the first quarter ending March 31, 2015.
“It’s been an exciting quarter for Passport. This quarter it is clear that we’ve emerged as the leader in parking mobile payments with 31,000 displaced competitor spaces.” said Charlie Youakim, Passport co-CEO. “We also find continued excitement for our transit mobile payment solutions. Our transportation platform and our focus on urban mobility is resonating with our clients and the market.”
“Our 60% RFP win rate in the quarter speaks to the success that comes with a client-focused approach.” said Bob Youakim, Passport co-CEO. “We are on pace to save our clients millions of dollars with our wallet programs while we also give them branding and control to support their own regional parking networks. We’re bringing exciting changes to the parking industry.”
Q1 2015 Company Highlights
- 55% sequential quarterly growth in revenue
- Launched the largest mobile payment installation in North America through the rollout of the Green P app with the Toronto Parking Authority
- 31,000 competitor space displacements
- 60% RFP win rate
- Added 8 employees to bring the total team count to 64
- Received invitations to speak at multiple conferences. Specifically, Passport team members spoke at PIE, the Florida Parking Association, Smart Card Alliance Payments Summit, and Mid-South Transportation & Parking Association conferences.
Q1 2015 Mobile Payment Highlights
- Passport continued to grow its client base through 27 international launches. Notable deployments included:
○ Chicagoland, IL – Passport-branded rollouts reach 27 total suburbs in the quarter, including 5 conversions from Parkmobile accounting for 3,972 converted spaces
○ Toronto, ON – Private-label mobile payment installation (Green P) installed on 55,000 parking spaces, including on-street, off-street and gated.
○ Boston, MA – Private-label mobile payment installation of ParkBoston in the Back Bay area of the City. ParkBoston will be available to all 8,000 parking spaces in the City by the end of the summer.
○ Tucson, AZ – First multimodal app installation to include both parking and transit. This private-label app (GoTucson) launched throughout the City’s 1,500 parking spaces, with the mobile ticketing feature becoming available in May.
○ Salt Lake City, UT – Private-label mobile payment installation for 3,000 parking spaces. This launch replaced the City’s previous mobile payment provider, QuickPay, for the branded app, ParkSLC.
○ White Plains, NY – Private-label mobile payment installation (ParkWhitePlains) for 7,000 parking spaces. This launch will be changing the City’s current mobile payment provider, PaybyPhone.
Passport continues to revolutionize the mobile payments industry through its services in both parking and transit. The company differentiates itself through its client-driven focus and unique offerings, which is apparent through the RFP win rate and recent displacements of its competitors. Cities like White Plains and Salt Lake City have selected Passport as their mobile parking payment provider of choice to improve the parking experience for their residents and visitors.
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About Passport
Passport is the industry-leading mobile payments company specializing in integrated urban mobility solutions. The company provides feature rich software platforms that offer parking and transit agencies a more effective and efficient way to manage their operations and serve their customers. Passport’s mobile payment systems are deployed in over 1,000 locations in 43 states and provinces across the US and Canada, with clients such as Chicago, Toronto and Boston.
Headquartered in Charlotte, NC, Passport is backed by a highly respected group of investors, including Grotech Ventures and Relevance Capital. For more information, please visit www.gopassport.com