Who They Are

Commercial Passport, a digital KYC platform for financial services in capital markets including offshore banking, trusts services  and fund administration, is a chosen finalist member of the 2018 cohort of the Holt Fintech Accelerator.

Using cloud based technology, large FIs are able to onboard clients while staying ahead of compliance regulations. At the same time, the platform automates the maintenance of KYC documents, allowing a faster process. Commercial Passport ultimately accelerates the access of worldwide capital.

In practice, this means that, for example, a bank that specializes in international banking can use Commercial Passport to speed up account creation and compliance processes for their international clients by receiving fully documented ownership information on accounts.

“Faster on-boarding means new investments can be made quicker. We can stimulate the economy by having a global impact on the available capital that is deployed.”

Brice Penaud, Commercial Passport CEO

How They Work

Founded in 2014, Commercial Passport is currently in their seed stage, gathering and working to validate the process with the initial crop of customers and major partners, including top tier banks and international fund administrators.

As the team behind Commercial Passport works toward continued growth, they’re looking to take the venture to international and offshore markets. Commercial Passport aims to simplify the complexity of jurisdictional regulations institutions have to wade through by becoming a tech partner to major financial institutions.

Recipe for Success

The work Commercial Passport’s team has put into their system has already paid off. They’ve innovated new processes using blockchain technology, improving on the paper based approach. They can now certify digital documents in ways that are faster and more secure than ever before, speeding up a key roadblock in the compliance industry.

“We’re using blockchain as a way to ensure these documents have integrity so that financial institutions have transparency across their KYC process.”

Brice Penaud, Commercial Passport CEO

Joining the Holt Fintech Accelerator

For Commercial Passport, the Holt Fintech Accelerator serves many purposes. For one, participating in the accelerator gives the team a scheduled cadence for achievements that they can concretely measure, such as working and partnering with key financial institutions in Quebec. In addition, it also opens doors for client acquisition, investment, and continued overall growth.

To the CEO Brice Penaud, the family values-focused and integrated approach of Holt allows for genuine help, support, and growth for each team.

“Holt is the perfect partner for us. They are the people who are going to centralize the Fintech community, both from an ecosystem perspective and a client acquisition perspective.”

Brice Penaud, Commercial Passport CEO

Bonus: Behind the Scenes

What would you like to see in the future of Fintech that is not currently possible or happening in the industry?

Brice Penaud: I would love to see coalitions of Fintechs who educate legislators and regulators on the power and scope of the industry! True diversity in the ability to attract and recruit talent in the financial space in the future will only help us all grow, and should be a priority.

In addition, grants for Fintechs that are designed by those who ask input from the Fintech sector to understand what is actually needed for the industry will help startups like ourselves take the industry down the path people truly need.

How do you blow off steam after a hard day’s work with Commercial Passport?

Brice: I cool off with martial arts practice, yoga classes, cooking — and skydiving!

What is a fact about Commercial Passport outsiders should know?

Brice: Every team member at Commercial Passport speaks at least 2 languages, which is fitting for Holt’s base of Montreal.

Want to hear more about Commercial Passport?

Check out Brice Penaud’s episode of Fintech Fridays!