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.

by Macauley Peterson /

December 7, 2021 03:59 pm

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

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.

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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.

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