This week, Passthrough enters a new chapter. We've agreed to be acquired by iCapital, the leading global fintech platform serving alternative investments. Ben Doran and I, along with the entire Passthrough team, will be making the journey over. Same products. Same people. More resources.
I've been thinking about how to write this post for a while, and I keep coming back to the same thing: I want to say thank you.
How we got here
When Ben and Alex Laplante started Passthrough in 2020, electronic subscription documents didn't really exist as a category. Fund managers were sending PDFs over email. Investors were signing and scanning documents by hand. Law firms were managing revision cycles through endless email chains. The process was slow, error-prone, and frankly, unworthy of the relationships it was meant to serve.
We set out to fix that. Not by building an all-in-one platform that locks you into unwanted features. Just fast, flexible workflows that handle any sub doc complexity and integrate with the systems you already use.
Then we added financial crime compliance. Not just software, but a genuine managed service that combines platform technology with specialist oversight. We built the infrastructure, the team, and the expertise to deliver both.
Today, thousands of funds and 60,000+ investors use Passthrough to complete sub docs and meet their KYC/AML obligations. We created a category and then built a world-class compliance product alongside it. I'm proud of that.
To our customers and partners
Thank you for trusting us with your most important relationships. The earliest ones especially, you know who you are. You made a bet on us before we had much to show for it, and that trust is not something I've ever taken lightly.
This acquisition doesn't change what we owe you. Your workflows and service relationships continue unchanged. Your existing pricing remains in place through 2026. Our integrations with platforms like Altvia, Allvue, Dynamo, eFront, and Salesforce continue. You'll just be hearing from us at a new email address.
Over time, you'll see us build something even better. iCapital's platform handles the full fundraising lifecycle and connects GPs to the wealth management channel at scale. By bringing our capabilities together, we're creating end-to-end infrastructure that spans identity verification, subscription processing, and KYC/AML compliance across institutional, private wealth, and family office LP segments. More on that as integration planning progresses.
To our investors
Thank you for being constant and consistent backers of this business. Regardless of check size, I took our obligations to you seriously.
Special thanks to Sam Cates, Patrick O'Shaughnessy, and the team at Positive Sum, and to Brendan Mathews at Motley Fool Ventures. Your support meant more than you know.
To the Passcrew, past and present
Joining a startup is a strange and brave thing to do. You bet on an idea, a team, and a market that didn’t exist yet. You created it with us, and you helped us build something real.
During orientation, Ben and I cover our values with every person who joins Passthrough. Two have always stood out.
The first is encourage excellence. You can't pay people to care. You can only create an environment where they do. I think we did that.
The second is always be helpful. We win together or lose together. It's irrational to be selfish. Your number one priority is the person next to you, and your number two priority is everything else.
I've heard from many people over the years that Passthrough is the most helpful place they've ever worked. That makes me happy. It's the thing I'm most proud of.
To Ben and Alex
Thank you for bringing me on this journey. I'm lucky to have found such incredible partners.
What comes next
Passthrough will become part of iCapital, and we're still working through what that looks like and when. We'll share more details about expanded capabilities and integration timelines as they develop.
For now, we're focused on continuity, momentum, and delivering for the community that got us here.
Onto the next chapter.
Tim
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