San Francisco, the U.S.A-based blockchain intelligence company TRM Labs raised USD 70 million in recent funding. The Series B expansion round took place on November 9, 2022. Thoma Bravo led the financing for the company. Meanwhile, Goldman Sachs, PayPal Ventures, Amex Ventures, and Citi Ventures joined in the funding.

The company earlier raised USD 60 million in December 2021. Tiger Global led the financing back then.

Purpose of financing for TRM Labs

With the latest proceeds from Series B funding, the company intends to make additional strategic investments in product development. It also has plans to invest in talent to deliver the most effective, accessible tools to counter illicit finance and fraud in the crypto space.

Besides, it seeks to meet the demand for its Incident Response services and training programs.

What the company’s official has to say

Esteban Castaño, co-founder and CEO of TRM, said, “Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation. As the industry continues to mature, TRM is setting the standard for data, products, and training. It equips enterprises and governments to combat fraud and financial crime, even as new threats emerge.”

What the investor has to add

Christine Kang, a Principal at Thoma Bravo, said, “TRM has differentiated itself as the premier blockchain intelligence solution to the public and private sector, with a unique breadth of asset coverage, cross-chain analytics, and level of product innovation. In a rapidly evolving regulatory landscape, TRM’s capabilities are ever more critical to helping organizations scale and adapt risk management needs. We’re excited to partner with Esteban and his team to support their goal of creating a safer, more inclusive financial ecosystem.”

About the company

In 2018, founders Esteban Castaño and Rahul Raina launched the company. The company provides blockchain intelligence to help government agencies, financial institutions and cryptocurrency businesses detect, investigate and mitigate crypto-related fraud and financial crime. Since its inception, TRM has grown revenue by 490% year-over-year and expanded its team from four people to more than 150. Besides, over the last two quarters, the company observed significant growth in teams across regions such as the United Kingdom, Singapore, Australia, Brazil and the UAE. Circle, Shopify, MoonPay, OpenSea, and Uniswap are the companies using TRM Labs services. The company also integrated with additional blockchains such as Solana, Polygon, and Avalanche. Its purpose is to continue providing the industry’s most comprehensive view of blockchain-based activity.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.


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