San Francisco, CA-based platform of no-code tools for risk and compliance teams, Unit21 raised US$ 13M in funding on 19 October 2020.

The funding round was led by A. Capital Ventures. Other participants included Gradient Ventures (Google’s AI venture fund), Core VC, South Park Commons, Diane Greene (founder of VMWare), William Hockey (founder of Plaid), Chris Britt and Ryan King (founders of Chime), Sumit Agarwal (founder of Shape Security), and Michael Vaughan (former COO of Venmo).

The new capital raised will be utilized to grow its product and distribution-focused management team, increase sales and marketing efforts and launch in new industries.

About Unit21

Unit21

Founded in 2018 by former Affirm and Shape Security employees Trisha Kothari and Clarence Chio, Unit21 aims to protect businesses against adversaries through an API and dashboard for detecting and managing money laundering, fraud, and other sophisticated risks across multiple industries. Their cloud-based gives a configurable engine for identity verification, case management, transaction monitoring, operations management, and analytics and reporting. Unit21’s tools have the capability to handle risk and compliance needs across geographies such as North America, Africa, Europe, and Asia.

Its platform offers over 100 out-of-the-box machine learning and threshold-based rules driven by a case management system. It also provides reporting and experimenting tools for big data analytics. Unit21 integrates with products from Jumio, Trulio, and Dow Jones, affording access to identity verification and document checking.

Unit21’s case management system creates an immutable and auditable trail for the data and actions in a system. Users can customize workflows and actions that tailor the platform to their needs. Unit21 leverages machine learning for monitoring transactions, applying different monitoring logic and thresholds to different segments of customers. 

“Unit21 allows non-technical teams to write intelligent rules that leverage historical data, like transaction history. Standard transaction monitoring for anti-money laundering can be very rudimentary. Black box machine learning won’t work in the compliance space since it is crucial to demonstrate to regulators that there is no bias. Unit21’s key focus is explainability, in the sense that risk and compliance teams have complete control over thresholds and parameters used to detect suspicious activity and hence can reap benefits of more intelligent rules without losing control,” said Trisha Kothari. 

Some of the competitors of Unit21 are Vesta, Bleckwen, Arkose Labs, and Buguroo.  The company claims that it has grown substantially this year, with a 400% uptick in business within the past 12 months and new customers like Intuit, Coinbase, Gusto, and Line.

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