Passthrough
Passthrough is a cloud-native fund workflow automation platform that digitizes private market subscription documents and unifies KYC/AML compliance into a single onboarding workflow. It serves 2,000+ fund managers, law firms, and fund administrators, processing investor onboarding and compliance through guided, API-integrated workflows.
- Company typePrivate
- Founded2020
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Passthrough does
Passthrough is a cloud-native fund workflow automation platform serving private market fund managers (GPs), their law firms, and fund administrators. Founded in 2020 by Ben Doran and Alex Laplante (later joined by Tim Flannery as CEO), all former Carta Investor Services and fund administration operators, the company digitizes the subscription document process and consolidates it with KYC/AML compliance in a single unified workflow. Its three core products — Electronic Subscription Documents (TurboTax-style guided investor onboarding with conditional logic), Financial Crime Compliance Services (in-house managed KYC/AML platform backed by a team of compliance analysts), and Data Integrations (pre-built connectors to Salesforce, Snowflake, Altvia, Allvue, Dynamo, BlackRock Aladdin/eFront, Intapp DealCloud, Ontra, and STP BluePrint) — collectively replace fragmented, manual subscription and compliance processes across the private capital lifecycle.
The platform operates on Google Cloud infrastructure with secure-by-design containerized architecture and serverless computing, and offers an open API (dev.passthrough.com) for custom integrations. AI capabilities are embedded in document reconciliation (matching prior KYC/AML documentation against current regulatory standards) and structured data normalization. Passthrough monetizes through per-raise subscription document fees (sized to AUM, document count, and investor count), annual per-investor KYC/AML subscription fees, and fully managed compliance services (currently US-only). Go-to-market combines enterprise field sales, product-led growth via a self-service exploration portal, an API-first developer ecosystem, and channel partnerships with law firms, fund administrators, and technology providers.
By the time of its February 2026 acquisition by iCapital, Passthrough served 2,000+ leading funds, processed onboarding for 60,000+ investors, and facilitated $8B+ in capital raised on the platform. The company maintained SOC 2 Type II, GDPR, and CCPA compliance. The iCapital acquisition expanded distribution to 1,200+ GPs and product providers managing over $1.13 trillion in assets, while the Passthrough team and product line continued operating under the new parent.
Passthrough firmographics
Firmographics- Name
- Passthrough
- Legal name
- Passthrough, Inc.
- Website
- https://passthrough.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Passthrough is a cloud-native fund workflow automation platform that digitizes private market subscription documents and unifies KYC/AML compliance into a single onboarding workflow. It serves 2,000+ fund managers, law firms, and fund administrators, processing investor onboarding and compliance through guided, API-integrated workflows.
- Ownership category
- akta.pro rank
Where Passthrough is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Passthrough business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Electronic Subscription Documents: Per-raise fee structure based on firm's AUM, number of subscription documents, and number of investors. Alternately, annual platform fee for larger or different structures.
- Financial Crime Compliance (KYC/AML): Annual subscription fee based on number of investors being screened. Includes self-serve and fully managed service tiers.
- Managed Compliance Services: Fully managed KYC/AML service where Passthrough reviews documentation, sanctions matches, and provides risk recommendations. Only available in the US currently.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Electronic Subscription Documents - Per Raise |
| Subscription | Annual | KYC/AML - Annual Screening |
| Subscription | Annual | Fully Managed KYC/AML Service |
Go-to-market motion4 records
Distribution channels3 records
Marketing channels8 records
Passthrough product offering
Product offeringCore offering
Passthrough is a cloud-native fund workflow automation platform for private markets that helps fund managers and their law firms distribute, complete, and process subscription agreements with investors. The platform combines Electronic Subscription Documents with Financial Crime Compliance Services (KYC/AML screening and managed compliance) and Data Integrations that connect onboarding workflows to CRMs, investor portals, and fund administration systems via pre-built connectors and an open API.
Product overview
Passthrough is a fund workflow automation platform for private markets investment, consisting of three integrated products: Electronic Subscription Documents (core offering for investor onboarding and subscription document automation), Financial Crime Compliance Services (KYC/AML managed service with in-house expert oversight), and Data Integrations (pre-built and API-based connectivity to CRMs, LP portals, and fund administration platforms). The platform operates as a unified system where subscription documents and compliance workflows share data and real-time status visibility, enabling fund managers, law firms, and fund administrators to coordinate investor onboarding from a single source.
Differentiator
Problem solved
Functional benefit
Products and services
- Electronic Subscription Documents Automated investor onboarding platform that digitizes subscription documents into custom TurboTax-style guided workflows with conditional logic. Investors complete sub docs in approximately 20 minutes (new investors) or 2 minutes (returning investors) with 80%+ accuracy on first submission. Provides real-time visibility into fund raise status and a single coordination point for fund managers, law firms, fund administrators, and investors.
- Financial Crime Compliance Services Professional KYC/AML platform and managed compliance service built specifically for investment advisers. Collects investor identity information, screens investors against sanctions lists, gathers beneficial ownership and source of funds documentation, and provides ongoing monitoring. Backed by an in-house team of financial crime compliance analysts who review sanctions matches and risk recommendations. Includes AI-powered reconciliation that matches existing KYC/AML documentation from previous providers against current regulatory standards.
- Data Integrations Pre-built and API-based integrations connecting Passthrough's investor onboarding to existing CRM systems (Salesforce, Altvia/AIM CRM, Intapp DealCloud), investor portals (Allvue, Dynamo), data warehouses (Snowflake), fund administration systems (eFront/BlackRock Aladdin, Ark, STP BluePrint), and side letter/contract platforms (Ontra). Enables pre-filling of subscription documents and automatic sync of investor information to eliminate duplicate data entry.
Quantifiable outcome
- 20-minute average completion time for new investors
- +6 more outcomes
Companies that use Passthrough
Customer profileNamed customers11 records
Segments5 records
Ideal customer profiles3 records
Passthrough technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration11 records
AI capability5 records
Feature6 records
Passthrough partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core.
- AltocorePartnership to help private fund managers access IRA capital more efficiently. Alto is a self-directed IRA platform that custodies approximately $2B in assets for 30,000+ investors. Collaboration focuses on education, best practices, and strategic framework for IRA capital access, with potential future technology integration.
- STP Investment ServicescoreSTP integrated Passthrough's investor onboarding and subscription automation platform directly into its proprietary BluePrint cloud-native fund administration platform. Integration enables full investor lifecycle management within a single ecosystem, eliminating redundant data entry and manual reconciliation.
- Allvue SystemscoreAllvue integrated Passthrough into its AI-powered platform for private capital markets. Passthrough appears alongside Claira and Loan Hunter as integration partners supporting document workflow automation and investor onboarding across the private investment lifecycle.
- BlackRock Aladdin/eFrontcoreCollaboration with BlackRock's Aladdin platform and eFront to enhance investor experience, connecting Passthrough onboarding workflows with one of the largest fund administration ecosystems.
- SalesforcecoreNative integration between Passthrough and Salesforce CRM, enabling fund managers to sync investor data and onboarding status within their existing CRM workflows.
- STPcoreEarlier partnership with STP Investment Services transforming investor onboarding through direct platform integration.
- AltviacorePartnership with Altvia (AIM CRM) providing integrated solution for investor onboarding that was finalist in The Drawdown Awards.
- Paul HastingscoreJoint solution for investor onboarding recognized with ILTA Trailblazer of the Year award. Law firm partnership demonstrating best practices in compliance workflow automation.
Scale indicators11 records
Recent moves6 records
Expansion highlights5 records
Passthrough competitors and assessment
Company assessmentDirect peers
- Carta: Carta is the leading cap table and investor services platform for private markets, offering subscription document workflows, fund administration, and investor onboarding—directly overlapping with Passthrough's core offering. Notably, Passthrough's founders previously scaled Carta's Investor Services and fund administration business.
- PreciseFP: PreciseFP is an investor onboarding and data management platform purpose-built for financial advisors and fund managers, with automated subscription document collection and KYC/AML data gathering—directly competing with Passthrough's unified sub doc + compliance solution.
- Juniper Square: Juniper Square provides an investor onboarding and CRM platform for private fund managers, with LP portal, capital call management, and subscription workflows—directly comparable to Passthrough's Electronic Subscription Documents product.
- Diligent (Galvanize/EntityKeeper): Diligent offers entity governance and compliance management software, including investor onboarding and KYC capabilities used across asset management—overlapping with Passthrough's compliance and document workflow offering.
Broad incumbents
- Addepar: Addepar is a private wealth and alternative investment platform serving advisors and asset managers with portfolio reporting, data aggregation, and investor workflows—adjacent private markets infrastructure rather than a direct subscription docs competitor.
- iCapital: iCapital is Passthrough's parent company and the largest fintech platform for alternative investments, with deep overlap on LP onboarding, investor compliance, and distribution to private wealth channels.
- AppFolio Investment Management: AppFolio Investment Management serves real estate and private equity fund managers with investor onboarding, subscription document automation, and LP portal capabilities—broader scope than Passthrough but overlapping on the core fundraising workflow.
Emerging players
- Arta: Arta provides digital investor onboarding and private fund access platforms that digitize subscription documents and KYC flows—comparable in product scope though focused on retail-style investor access rather than institutional GPs.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Passthrough social profiles
Digital presencePassthrough compliance and trust
Trust signalCompliance3 records
Passthrough financial estimates
Financial estimateRevenue estimate
Valuation estimate
Passthrough leadership team
Management profileNumber of profiles
Profiles4 records
Passthrough funding detail
Funding detailFunding overview
Funding rounds3 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Passthrough M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Passthrough
What does Passthrough do?
Passthrough is a cloud-native fund workflow automation platform for private markets that helps fund managers and their law firms distribute, complete, and process subscription agreements with investors. The platform combines Electronic Subscription Documents with Financial Crime Compliance Services (KYC/AML screening and managed compliance) and Data Integrations that connect onboarding workflows to CRMs, investor portals, and fund administration systems via pre-built connectors and an open API.
Is Passthrough a public or private company?
Passthrough is a private company. It is classified as corporate owned and is currently acquired.
When was Passthrough founded?
Passthrough was founded in 2020. It employs 11 to 50 people.
Where is Passthrough based?
Passthrough is headquartered in New York, United States, in the North America region.
How does Passthrough make money?
Three revenue lines are on record. Electronic Subscription Documents are the primary driver. The others are financial Crime Compliance (KYC/AML) and managed Compliance Services.
Who are Passthrough's main competitors?
Direct peers on record are Carta, PreciseFP, Juniper Square and Diligent (Galvanize/EntityKeeper). Broad incumbents are Addepar, iCapital and AppFolio Investment Management. Arta is listed as an emerging player.
Does Passthrough have an API?
Yes. Passthrough offers an API that enables data exports and integrations with external systems. Users can export investor data in any required format and across multiple investors and closes. The API supports connecting to CRMs, LP portals, and data rooms. Pre-made custom integrations are available for Salesforce, Snowflake, and Altvia (AIM CRM), with additional integrations being built. For other CRMs or systems, connectivity is available via the Passthrough API. Developer documentation is at dev.passthrough.com.