Thomas Fogarty is chief executive officer of Bestpass, a fintech company specializing in toll management and payments for the commercial transportation industry.
Fogarty has led the firm to exceptional growth since 2020. The company has increased its associate team from 90 to approximately 150. Annual recurring revenue has more than doubled, reaching $55 million, while new sales bookings have increased 88% over the past 12 months. Bestpass has also expanded its customer base by over 270%, now serving more than 32,000 customers.
Fogarty has also instilled a set of core values, known as #OneBP (Own Outcomes, Nurture Growth, Excellence, Boldly Innovate, People First), which guides Bestpass associates in their interactions with customers, partners and the community.
Before joining Bestpass, Fogarty held several executive positions, including president and chief operating officer of Regulatory Datacorp (RDC), where he played a key role in growing annual recurring revenue from less than $2 million to more than $50 million.
“After 11 years building RDC, an anti-financial crime SaaS and DaaS vendor, we sold to Moody’s in early 2020,” Fogarty said. “I had become an expert in the AML compliance industry and requirements. Very quickly I had an opportunity to join Bestpass to help grow and scale a fintech focused on toll management and payments for truck fleets. I could see that it had a strong solution that customers admired, but it was also apparent that the business had a great deal of growing up to do to achieve consistent sustainable growth.
“I hopped into an industry I knew little about and embraced the challenge of building relationships [team, customers and partners] just as the world shut down as the pandemic took off. It’s been a great adventure, and I loved the opportunity to put past lessons to work in solving new challenges!”
Fogarty holds an undergraduate degree in accounting and a Master of Business Administration from the Wharton Business School at the University of Pennsylvania. He received the Torch Award for Business Ethics from the Better Business Bureau in 2023.
Beyond his professional achievements, Fogarty is dedicated to making a positive impact in the community. Together with the Bestpass team, he has raised tens of thousands of dollars and donated hundreds of hours to support nonprofit organizations and good causes.
“Of all these accomplishments, I am most proud of creating a great culture and strong team in a new industry,” Fogarty said. “We are building an awesome place to work for our employees, a best- in-class solution set for our customers, impacting our communities and rewarding our investors with consistent and accelerating growth.”
