SAN FRANCISCO--(BUSINESS WIRE)--TRM Labs, the blockchain intelligence company, announced today that it raised $60 million in a Series B raise. The round was led by Tiger Global with participation from leading financial institutions including American Express’ Amex Ventures, Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square, Inc.) and PayPal Ventures.
TRM developed the first blockchain intelligence platform that combines cross-chain data with threat intelligence, advanced analytics, and intuitive visualizations to help organizations detect crypto fraud and financial crime. Fast-growing cryptocurrency businesses like Circle, FTX US and MoonPay leverage TRM Transaction Monitoring to detect suspicious activity and meet Anti-Money Laundering (AML) regulatory requirements. Government agencies use TRM Forensics to investigate sophisticated crypto-related crime including scams, hacks and terrorist financing.
"Crypto is moving faster than any sector in our lifetimes. Organizations need a blockchain intelligence partner that can stay ahead of the evolving risk landscape — from ransomware attacks to DeFi exploits," said Esteban Castaño, co-founder and CEO of TRM. "This round enables TRM to continue to offer the most reliable data and most innovative technology solutions in the market to its customers."
New and existing venture firms including B Capital Group, Bessemer Venture Partners, Blockchain Capital, Cap Table Coalition, Castle Island Ventures, Initialized Capital and Operator Partners also participated. The round also included investments from 50 of the world's leading operators including Emilie Choi, President and COO of Coinbase; Frank Slootman, Chairman and CEO of Snowflake; and Michael Scarpelli, CFO of Snowflake.
Since launching out of Y Combinator in 2019, TRM has grown revenue 600% year-over-year and expanded its team from 4 to 60. The TRM team includes threat finance experts from the FBI, U.S. Secret Service and Europol and data scientists from organizations like Apple, Amazon and Google.
"TRM is well-positioned to lead the industry as the premier blockchain intelligence solution," said John Curtius, partner at Tiger Global. "Customers highlight TRM's breadth of asset coverage and risk engine configurability as dramatic improvements to existing risk management frameworks.”
“In all of Visa’s undertakings, in digital currency and beyond, we are committed to advancing responsible innovations that maintain the trust and security of the global payments ecosystem,” said Terry Angelos, global head of crypto and fintech. “To that end, enhancing trust and security in the crypto ecosystem through sophisticated risk assessment is key to the future of crypto, and we see TRM as a leader in the space.”
“Risk and compliance is a crucial piece of the puzzle as financial institutions, blockchain-based businesses, and government entities look to bring crypto into the world of finance,” said Mike Brock, TBD Lead at Block. “TRM is already a proven partner to a number of leading organizations, and its newest backers are just one indicator of its growth potential. We’re excited to be part of it.”
About TRM Labs
TRM Labs provides blockchain intelligence to help financial institutions, cryptocurrency businesses and public agencies detect, investigate and mitigate crypto-related fraud and financial crime. TRM's risk management platform includes solutions for cryptocurrency anti-money laundering (AML), transaction monitoring and wallet screening, investigative tracing and entity risk scoring including Know-Your-VASP. These tools enable organizations around the world to safely embrace cryptocurrency-related transactions, products, and partnerships. TRM is based in San Francisco, CA and is hiring across engineering, product, sales, and data science. To learn more, visit www.trmlabs.com.
