TRM Labs bags $70m to help stop crypto-related fraud

TRM Labs bags $70m to help stop crypto-related fraud

TRM Labs, a blockchain intelligence detecting crypto-related fraud and financial crime, has raised $70m for its Series B funding round.

This investment was backed by Thoma Bravo, Goldman Sachs, Brevan Howard, Geodesic Capital and CMT Digital. Support also came from TRM Labs’ existing investors, B Capital, PayPal Ventures, Citi Ventures, Marshall Wace, Amex Ventures, DRW Venture Capital, Alumni Ventures and Bessemer Venture Partners.

With the funds, the company is looking to bolster product development and talent to improve its offering.  

TRM Labs provides blockchain intelligence to help government agencies, financial institutions and cryptocurrency businesses to detect, investigate and mitigate crypto-related fraud and financial crime.

Its risk management platform includes solutions for cryptocurrency AML, transaction monitoring and wallet screening, investigating tracing and entity scoring, and more.

Since its launch in 2018, the company has grown its revenue by 490% year-over-year and expanded its team from four to 150. It has seen particular growth in its UK, Singapore, Australia, Brazil and the UAE teams over the past two quarters.

Thoma Bravo principal Christine Kang said, “TRM has differentiated itself as the premier blockchain intelligence solution to the public and private sector, with a unique breadth of asset coverage, cross-chain analytics, and level of product innovation.

“In a rapidly evolving regulatory landscape, TRM’s capabilities are ever more critical to helping organisations scale and adapt risk management needs. We’re excited to partner with Esteban and his team to support their goal of creating a safer, more inclusive, financial ecosystem.”

The company recently acquired UK-based investigations and training firm CSITech. It also launched Chainabuse, which is a free community-powered scam reporting platform that empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it.

With the close of the round, the company has raised a total of $130m in funding. The blockchain intelligence platform previously raised $60m for its Series B in December 2021. Tiger Global served as the lead investor.

RegTech company Alessa recently released a report around why there is a rising need for KYC within crypto. It stated that new technology is helping firms to better monitor cryptos and prevent fraud.

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