California, USA-based risk and compliance infrastructure company, Unit21, raised USD 45 million in Series C funding. The round took place on June 29, 2023. Tiger Global, as well as South Park Commons, led the financing for the company. 

Purpose of financing for Unit21

With the latest financing, the company intends to fuel the growth of the Fintech Fraud DAO consortium. It is experiencing a surge in participation and now covers more than 10% of adult consumer transactions in the U.S. Meanwhile, Unit21 also introduced the first-ever “Fraud Fighters Manual,” a book developed in collaboration with fintech leaders from Brex, Mercury, Lithic, and Treasury Prime that shares insights and lessons to prevent fraud.

The additional funding is being used to support the Company’s collaborative approach to address these growing threats.

What the company’s officials have to add

Trisha Kothari, Co-founder and CEO of Unit21 said, “Our mission is to champion fraud prevention over detection. The evolution of fraud calls for an evolution in our approach and must be achieved through collaboration. With the unwavering support of our partners and customers and the backing of our investors, we’re eager to spearhead the fight against fraud and money laundering, striving to make the financial world a safer place for all through our shared commitment to the cause.”

What the investors and experts have to comment

Ruchi Sanghvi, Founder of South Park Commons, further said, “Trisha and Clarence incubated Unit21 at SPC with the vision that combating fraud and money laundering requires an industry-wide collaborative effort. This vision is becoming a reality through the rapid adoption of the Fintech Fraud DAO, which handles more than 10% of the adult population. We are excited to continue supporting them in their mission to enable professionals to combat financial crimes!”

Bill Callahan, Director of Government & Strategic Affairs for Blockchain Intelligence Group, said, “In a world where financial fraud poses a significant threat, the Fraud Fighter Manual presented by Unit21 is an indispensable tool for anyone involved in the fintech, cryptocurrency, and neobank industries. The manual is a testament to the contributors and to Unit21’s commitment to fighting fraud and safeguarding financial systems. It strikes the perfect balance between being highly informative and easily accessible, making it a must-read for professionals at all levels of expertise.”

About the company

Clarence Chio and Trisha Kothari launched the company in 2018. Unit21 is developing the risk and compliance infrastructure. It seeks to empower its partners with the tools to detect, halt, and update their systems to combat fraud and money laundering rapidly and effectively. In 2022, the Company helped clients monitor a total of 4.8 billion transactions. It further represented USD 693 billion in value, an increase of 5.2 times from the previous year. Meanwhile, the Company handled 16,000 suspicious activity reports representing USD 8.9 billion in value. This resulted in thwarting fraud attempts valued at more than USD 764 million, an increase of 3.4 times from the previous year.

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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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