December 7, 2021
We're excited to share today that TRM has raised $60 million in Series B funding. 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.
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.
Why it's important
In support of our mission to build a safer financial system for billions of people, we 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 use 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."
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.
What investors have to say
"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.”
“TRM has grown at an impressive rate and has attracted the top minds from the industry,” said Margaret Lim, Managing Director, Amex Ventures. “We are proud to back TRM as they build out critical infrastructure that will enable new innovative financial services to be delivered in a safe and compliant manner.”
“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.”
“Citi Ventures is eager to support companies forging a safer, more reliable, and more trustworthy digital asset economy. We are excited by TRM Labs’ leadership in this space, and we are proud to back them in their endeavor,” said Charles Howe, Director, Venture Investing at Citi Ventures.
“With the maturing of the crypto market, there is significant demand for what TRM Labs has created: a transaction monitoring system that works seamlessly with this asset class,” said Kim Trautmann, Head of DRW Venture Capital. “Our Cumberland team, which is a leading participant in the crypto market, is especially excited to help TRM Labs bring to market more rigorous platforms and enhanced procedural safeguards.”
“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.”
“TRM’s platform continues to be sought after by companies and regulators in the blockchain space,” said Peter Sanborn, Managing Partner at PayPal Ventures. “Esteban and team have driven strong growth since we invested in 2019 and we’re excited to support TRM’s next phase.”
TRM brings together experts in machine learning, data science, anti-fraud and compliance to crack complex problems and serve an inspiring community of customers and partners. TRM is hiring across engineering, product, sales, marketing and data science. To learn more, visit https://www.trmlabs.com/careers.
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