TRM Labs Lands $60 Million Series B Round

The blockchain intelligence company provides tools to detect crypto fraud and financial crime. Tiger Global led the funding round.

article-image

Esteban Castaño (left) & Rahul Raina, Founders of TRM Labs; Source: TRM Labs

share

key takeaways

  • Tiger Global led a funding round with participation the venture capital arm of American Express, Visa, Citigroup, along with DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square, Inc.) and PayPal Ventures.
  • TRM Transaction Monitoring is used by major crypto firms like FTX US, Circle and MoonPay to detect suspicious activity and comply with Anti-Money Laundering (AML) regulations

San Francisco-based TRM Labs announced today its Series B raise of $60 million. Born from the famed Y Combinator incubator program in 2019, TRM has grown its team to a headcount of 60, while revenue is up 600% year-over-year.

The company works with financial institutions, cryptocurrency-focused companies, and public sector agencies on issues of fraud and financial crime. Its toolkit includes services for monitoring and screening cryptocurrency wallets and transactions, to help companies manage risk and comply with regulations.

Tiger Global, helmed by billionaire Chase Coleman, led the funding round. “TRM is well-positioned to lead the industry as the premier blockchain intelligence solution,” said Tiger Global’s John Curtius, in a statement.

Block, which recently changed its name from Square Inc., was among the participants in the Series B. Mike Brock, who leads Block’s TBD division, noted of TRM Labs’ business, that “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.”

Multiple other venture firms and prominent individual investors participated in the round. Venture capital funding came from B Capital Group, Bessemer Venture Partners, Blockchain Capital, Cap Table Coalition, Castle Island Ventures, Initialized Capital, Operator Partners. Among 50 individual investors were Emilie Choi, President and COO of Coinbase, Frank Slootman, Chairman and CEO of Snowflake along with Snowflake’s CFO Michael Scarpelli.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

logo.jpeg

Research

Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.

article-image

The SEC could allow half a dozen or more such funds to launch at once, Ark Invest CEO says

article-image

2023 saw a decline in a16z crypto funding, but the behemoth VC firm teased what it’s excited for next year

article-image

“Iran Unchained” launched a new version of its grant platform to make donations to activists easier

article-image

The stablecoin marks the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange

article-image

Build it and they will come, perhaps, but making crypto easier to use is turning out to be just as important

article-image

Amid moves by Itau Unibanco and Nubank, the country could serve as “a proof of concept” for TradFi-crypto integrations, industry research exec says