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Compliance Firm TRM Labs Raises $70M as Crypto Crime Ticks Up

Despite rocky markets, TRM Labs has raised fresh funds to expand its product and talent as demand for crypto compliance continues growing.

2 min read
TRM Labs provides software for crypto firms looking to remain compliant. Image: Shutterstock.

Blockchain Intelligence company TRM Labs has raised $70 million in a Series B funding round, the company announced this morning.

With an initial $60 million raise in December 2021, led by Tiger Global, the recent funding round took the tally to $130 million.

The recent funding round was led by Thoma Bravo and attracted prominent investors, including Goldman Sachs, PayPal Ventures, Amex Ventures, and Citi Ventures.

Financial institutions use TRM’s blockchain intelligence platform to track fraudulent or illegal financial activity across 23 different blockchains to help crypto firms comply with anti-money laundering (AML) regulations. 

The company also offers cross-chain analytics to monitor inter-blockchain fund transfers.

“In the rapidly evolving regulatory landscape, TRM’s capabilities are ever more critical to helping organizations scale and adapt risk management needs,” said Thoma Bravo principle Christine Kang.

TRM Lab’s clientele comprises various crypto and financial service companies, including Uniswap, USDC’s creator Circle, MoonPay, Shopify, and Opensea.

TRM Labs has offices in the United Kingdom, Singapore, Australia, Brazil, and the United Arab Emirates (UAE) and boasts a team of more than 150. 

Its team members include former law enforcement officers from UK’s National Crime Agency, INTERPOL, Australian Federal Police, IRS-Criminal Investigation, FBI and U.S. Secret Service.

TRM Labs takes on crypto crime

According to Chainalysis, more than $3 billion has been stolen in the crypto industry this year. 

As crypto crimes flourish, so too has TRM Labs’ business. The firm’s revenue grew 490% year-over-year since its launch in 2018.

The company plans to direct the fresh funds to develop effective tools to counter wrongdoing in crypto. 

“Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation,” said Esteban Castaño, co-founder and CEO of TRM.

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